French investor enters Irish market with €10.65m deal for south Dublin clinic

La Francaise Real Estate Managers (REM) has secured its first healthcare asset in Ireland, paying €10.65 million for Ballintaggart House in the south Dublin suburb of Clonskeagh.

The acquisition of the property, which is let in its entirety to Sims IVF until March 31, 2033, will provide the French investor with a net initial yield of 4.77 per cent. Michele McGarry of Colliers advised La Francaise REM, acting on behalf of a collective real estate investment vehicle, on the acquisition, while Brian Shields of JLL advised the vendor. La Française REM was also advised by Matheson and Hollis on legal and technical issues respectively.

Ballintaggart House is a three-storey building comprising 1,817sq m (19,558sq ft) of refurbished, high-quality accommodation in medical clinic use and 57 car parking spaces. The property has good environmental, social and governance (ESG) credentials, with a building energy rating of B3, LED lighting and clean, renewable energy for electricity. The property sits on a substantial site of just under one acre.

The subject property is well located in Clonskeagh and sits just 5km from Dublin city centre and a 10-minute drive from the M50 motorway.

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The tenant, Sims IVF, is one of Ireland’s leading fertility clinics, with two other main locations in Swords and Cork and a further three satellite facilities in Carlow, Dundalk and Limerick. Virtus Health, the parent company of Sims IVF, is one of the top five providers of fertility treatment in the world, with a significant presence in Australia, Singapore, the UK and Denmark. It has more than 140 employees in Ireland.

Commenting on his company’s purchase of Ballintaggart House, Peter Balfour, head of real estate UK for La Française Real Estate Managers, said: “We are looking to diversify our European real estate strategy, adding alternative sectors such as healthcare. Ballintaggart House is our first acquisition in the healthcare sector outside of France. Despite the limited supply, we are confident in our sourcing capabilities and the quality of our partners.”

Michele McGarry of Colliers said: “We are delighted to have concluded on the acquisition of Ballintaggart House. The acquisition demonstrates growing investor appetite for the medical sector, where we are seeing new entrants to the market and limited opportunities available. The investment proposition was underpinned by the quality of the asset, the location, the reversionary potential and long unexpired lease term.”