British listed healthcare infrastructure investor MedicX Fund is behind the multi million pound investment.
The Tallaght property is currently under construction and is expected to be completed in December.
It will then be let to a number of GP surgeries and to the HSE with 25-year leases.
MedicX is one of a small number of trusts that invest solely in “primary healthcare infrastructure” principally properties let to GP practices and other areas of the NHS in the UK.
They have recently started to move into Ireland and this latest investment is their fourth in this country.
Their first, a 5,000sq m facility in Mullingar, opened in February, and they are also funding two other new primary care centres here in Dublin: One in Crumlin, expected to open in the next few months, and the other in Rialto, due to open next year.
MedicX’s portfolio comprises of 157 properties in the UK and Ireland, with 152 fully let and 5 under construction. The properties generate annual rent of GBP40.0 million.
The company is like a property trust, where managers are seeking returns from rents and capital appreciation on commercial property, except they focus on medical facilities.
MedicX also recently announced that it intends to become a real estate investment trust (Reit).
Experts say investors may be prepared to buy MedicX shares because almost 90% of its rental income is backed by the NHS and the HSE meaning their credit exposure is to the UK and Irish governments.