Dexus has announced the acquisition of additional Healthcare properties as the desire to find more defensive core property holdings continues.
The move into Healthcare real estate is being pursued aggressively by Dexus, Centuria, HomeCo and Elanor, each with their own unlisted vehicles. Canadian giant NorthWest Healthcare is also continuing to pursue the $2.4bn Australian Unity Health Care Fund which the Board are currently recommending against accepting. HomeCo are likely to be the first to seek a listing of a portfolio on the ASX later this year.
The latest acquisition by the Dexus managed Healthcare Property Fund (DHPF) is in Parkville, Victoria and consists of two buildings leased to Monash University with a WALE of 12.4 years. Dexus are paying $138.7 million for properties at 399 Royal Parade and the neighbouring Manning Building, from a private investor at a yield of circa 4.5%.
The Fund is an open-ended unlisted property fund providing wholesale investors with secure income streams from a quality health & medical facilities with a weighted average lease expiry of 25.1 years. The acquisition extends the Fund’s portfolio to in excess of $1bill.
In March the Fund reached practical completion of the North Shore Health Hub in St Leonards, a high quality 16,000sqm healthcare facility integrated into the North Shore Hospital precinct.
Other assets include a 50% interest in Bragg Centre development in Adelaide and a medical facility at College Junction Clayfield.
Related Articles
