Centuria Healthcare divests pair of sites to Real Asset Management4 November 2021
Centuria Healthcare has sold two premium healthcare investments to Real Asset Management (RAM) for approximately $16 million.
RAM purchased tenanted properties in Secret Harbour, Western Australia, and Mildura, Victoria, following an Expressions of Interest campaign for the portfolio managed by CBRE’s Sandro Peluso, Derek Barlow , Marcello Caspani Muto and Jimmy Tat.
Both properties feature 1,608sqm buildings on 951sqm sites, with comparable WALEs in excess of six years.
In Secret Harbour, 2 Clarkshill Road is home to Care Medical Group, Oasis Pharmacy and Complete Range Physiotherapy, while 87-89 Langtree Avenue in Mildura is leased to Tristar Medical Group and Mildura Optical.
“Our team has seen a shift in investor appetite, in WA and across the country, for healthcare investments,” Mr Barlow said.
“Traditional ‘core’ investors are increasingly looking to diversify their holdings with the acquisition of one or multiple properties within the space.
“This demand can also be seen with a number of recent and forthcoming floats for A-REITs starting highly-specialised funds within the healthcare space.”
Secret Harbour is roughly 60km south of the Perth CBD, while Mildura is a growing regional city on the banks of the Murray River in north-west Victoria.
“These acquisitions are highly-strategic, with both properties anchored by leading local healthcare providers who have good reputations within their communities, which are relatively remote by metropolitan standards,” Mr Caspani-Muto said.
“The events of the past 18 months have acted as a catalyst for investor and developer interest towards the healthcare sector, with the phrase ‘recession proof’ proving incredibly accurate given the strength, unwavering operational activity and multiple market-defying transactions in the space.”