AMP Capital partnered with an Irish investment manager to establish a new investment vehicle targeted at primary care centres in Ireland.
The new vehicle, Valley Healthcare, is jointly managed by AMP Capital and Irish Life Investment Managers. The centres themselves will be managed by Glencar Healthcare. So far, Valley Healthcare has acquired two existing centres in Wicklow and Mayo on 25-year leases from the Irish government.
"AMP Capital is delighted to develop this unique partnership with Glencar on behalf of the Irish Infrastructure Fund," AMP Capital Irish Infrastructure Fund principal Philip Doyle said.
"At a time when demographics are shifting towards an ageing population, we see a real opportunity for private sector investment to play a key role in further developing healthcare in Ireland.
"By partnering with Glencar, which is well known in Ireland for its expertise in healthcare management, we believe we are in a unique competitive position to provide high-quality essential healthcare services to communities across Ireland while also delivering strong returns for IIF investors."
Irish Life Investment Managers managing director Patrick Burke added: "The Irish Infrastructure Fund provides institutional investors with a unique opportunity to invest in a portfolio of infrastructure assets which underpin the Irish economy.
"The fund aims to provide investors with stable returns, from a combination of income yield and capital growth making it particularly attractive for defined benefit pension schemes. Valley Healthcare provides the fund with further sector diversification and establishes a presence for the fund within the Irish healthcare infrastructure market."