The Healthcare Wholesale Property Fund (HWPF) has attracted a new investment of $70 million from a new domestic institutional investor and also exchanged contracts to acquire College Junction, 695 Sandgate Road, Clayfield in Brisbane for $36.5 million.
Dexus Executive General Manager, Funds Management, Deborah Coakley said: “We are pleased to welcome a new investor onto our funds management platform. This new equity provides HWPF with additional capacity to diversify and grow the fund’s portfolio of high-quality healthcare assets and demonstrates the investment strength of the healthcare asset class.
The College Junction building is a modern, purpose-built building completed in 2017 and accommodates Qscan’s head office, radiology clinic and other healthcare tenants. Qscan is one of Australia’s largest and expanding radiology practices. The building has a net lettable area of 3,118 square metres across three floors plus a basement carpark and is fully leased with a WALE of 8.8 years.
Deborah Coakley said: “The acquisition of College Junction supports the growth of HWPF’s portfolio to $654 million1 , diversifying the portfolio by location, tenant and healthcare asset type.”
The transaction is expected to settle in November 2020.
HWPF continues to deliver strong performance, achieving a one-year return of 10.9%2 as at 30 June 2020.
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