Dexus
(ASX:DXS) has entered into a joint venture (JV) with Commercial and General (C&G) to establish a new wholesale unlisted healthcare fund, that is tipped to be worth $760 million.
The real estate investment trust says the Australian healthcare sector is under-invested and offers significant long-term opportunities.
The new fund, the Australian Healthcare Property Fund, will be seeded with $370 million of properties, including the Adelaide Calvary Hospital (which is under development) and the GP Plus Healthcare Centre in Adelaide.
In addition to that, the fund has a further $390 million of pipeline opportunities, with properties in New South Wales and Queensland.
As part of the JV, Dexus and Commercial and General (C&G) will co-invest in the fund, with Dexus to initially invest about $80 million.
The parties will also establish a jointly owned investment manager.
The fund will be launched at the end of 2017.
Shares in Dexus
(ASX:DXS) are trading 0.95 per cent lower to $9.93.