a day ago
- Business
- Irish Independent
Irish investors buy medical centres from France's MNK Partners
As MNK had acquired the portfolio in 2021 for €3.5m, the sale has delivered a 36pc uplift on its purchase price.
Each of the four had included Centric Health, the Irish healthcare provider which provides GP, dentistry and other services, among its tenants.
Three of the investments were acquired by a Dublin investor and located at: the first floor in Ballyowen Lane; the ground floor at Ballyowen Castle in Lucan, Co Dublin; and the first floor at Manor Mills shopping centre in Maynooth, Co Kildare.
The fourth investment at Ennis Medical, Francis St, Ennis, Co Clare, included among its tenants the Office of Public Works, Claremed Pharmacy and Centric.
It was acquired by a Clare investor.
Niall Delmar of Colliers, who represented MNK, said: 'The portfolio attracted good interest, particularly from private investors focused on long-income opportunities. There's clearly still demand for secure, income-producing assets, from local private investors and we're pleased to have delivered a combined 6.9pc net initial yield.'
As the leases and terms have recently been renegotiated, as of January 2025 it has a collective average lease term (WALB) of 11.68 years.
With a total floor area of 25,251 sqft, it generates a total annual rent of €414,490.
