Elanor Investors has announced a recapitalisation of the $289 million Elanor Healthcare Real Estate Fund, providing a full liquidity event for Fund investors.
An Asian-based institutional real estate investor has partnered with Elanor to recapitalise the Fund based on a weighted average portfolio capitalisation rate of 5.1% (in line with the independent valuation of the Fund’s portfolio at 30 June 2022). The partnership establishes a new core mandate to invest in Australian healthcare real estate assets, focused on growing the Fund and introducing additional institutional investors.
The continued growth in demand for healthcare services, underpinned by Australia’s ageing population, is driving strong demand for healthcare real estate. The healthcare real estate sector is attracting strong interest from institutional investors, both domestically and internationally.
Elanor established the Fund in March 2020 to provide wholesale investors with access to the strong and resilient income provided by healthcare property investments. Since its establishment, the Fund’s portfolio has grown to six assets valued at $289 million including;
- 55 Little Edward Street, Brisbane, QLD
- 123 Nerang Street, Southport, QLD
- 228 Logan Rd, Woolloongabba, QLD
- 2 Civic Boulevard, Rockingham, WA
- 150 Coolamon Boulevard, Ellenbrook, WA
- 240 Waterworks Road, Ashgrove, QLD
The Fund has generated strong distributions for investors since its inception, demonstrating the stability and resilience of the sector during the COVID-19 period.
ENN’s Co-Head of Real Estate, David Burgess, said: “This is an excellent investment outcome for the Fund’s wholesale investors – a direct result of our clear investment strategy for the Fund and our disciplined approach to acquiring assets. We are excited by the opportunity of acquiring further high investment quality healthcare assets for the Fund and introducing additional core institutional investors to the partnership.”
ENN CEO, Glenn Willis, said: “This is a further example of how we are realising value for our investors. The healthcare real estate sector continues to present compelling investment opportunities for our capital partners and strong funds management growth prospects for the Group.”
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