On behalf of the SCPI LF Avenir Santé, La Française REM has completed the off-market acquisition from Spear Street Capital of a primary care unit in Cherrywood, Ireland’s largest urban development scheme, in South Dublin. Transaction value: approximately €15m.
Located in The Campus business park, the project is linked to Dublin city by the M50 motorway and the Luas Green Line. The 2,356 sqm former office building was refurbished in 2023 to the latest standards and converted into a three-storey primary care facility. The refurbishment work included the installation of a new air conditioning system, Led lighting, modernised lifts and a new entrance hall. On completion, the property, which is fully let to Laya Healthcare Limited on a 25-year lease, is targeting a B1 Building Energy Rating Certificate.
“Leased to a leading private healthcare provider on a long-term lease and located in an emerging area with a growing population, this primary care facility with good ESG credentials is a perfect addition to our European portfolio of healthcare assets,” says Jérôme Valade, head of La Française REM’s healthcare real estate division.
La Française REM was advised by Knight Frank, Matheson for the legal aspects and Hollis for the technical and environmental aspects.