Dexus funds acquire an additional 30.58% interest in Royal Adelaide Hospital PPP

8 May 2023

Dexus has confirmed that the Dexus Community Infrastructure Fund (CommIF), Dexus Healthcare Property Fund (DHPF) and AMP Capital Core Infrastructure Fund (CIF) have acquired a combined 30.58% interest in Celsus Holding Pty Ltd (Celsus), the consortium that manages and maintains the Royal Adelaide Hospital (RAH) under a Public-Private Partnership (PPP) taking the total stake in Celsus held by Dexus funds to 72.79%.

This is Dexus’s first transaction since First Completion of the acquisition of AMP Capital’s domestic real estate and infrastructure equity business on 24 March 2023.

Dexus CEO Darren Steinberg said: “This further investment into Royal Adelaide Hospital provides our funds investors with a unique opportunity to grow their exposure to healthcare in an asset that we understand and have owned for a number of years. This takes exposure to healthcare on the Dexus platform to more than $3 billion.

“We are proud to be partnering with the government and SA Health in delivering critical healthcare infrastructure for the community.”

The 800-bed RAH, delivered as a 35-year PPP with the South Australian Government, is one of Australia’s most advanced hospitals. Clinical Services at the RAH are provided by SA Health and combines clinical services, training and research facilities to deliver high quality and complex patient care.


CommIF has been actively expanding its investment in Celsus since its initial stake in April 2021. The CommIF fund now holds a 58.69% stake in Celsus, as it continues its strategy of acquiring interest in high-quality assets that serve the needs of the community.

CommIF invests in high-yield, brownfield, social PPP assets in Australia and New Zealand in sectors such as education, health, justice, water, transport and recreational facilities. The fund has 18 assets worth more than $6.0 billion (on a pro-rata ownership basis).


Dexus’s premium healthcare property fund, DHPF, has acquired a 9.95% interest in Celsus, further diversifying the fund’s investments to include a PPP. The acquisition expands the fund’s exposure to large scale, high quality healthcare assets and strengthens its presence in the Adelaide BioMed city.

DHPF is an open-ended unlisted property fund providing wholesale clients with a high-quality healthcare property portfolio. It has approximately $1.8 billion of properties (estimated on completion value at 31 December 2022) comprising unique, large-scale assets offering secure income profiles, anchored by well-credentialled healthcare operators.


CIF has taken a 4.15% interest in Celsus, representing the fund’s first exposure to healthcare infrastructure PPPs and further diversifying the CIF portfolio.

CIF provides retail investors with access to unlisted infrastructure assets typically only available to large institutional investors, as well as listed infrastructure companies. The fund provides diversified global exposure to multiple sectors, OECD regions and asset types including airports, transport infrastructure, water, electricity and social infrastructure projects.