Dexus today announced that it has entered into a joint venture agreement (JV) with Commercial & General (C&G) for the purpose of establishing a new wholesale unlisted healthcare fund.
The new fund, known as the Australian Healthcare Property Fund (the Fund), will be seeded with approximately $370 million of properties (on completion value) including the Adelaide Calvary Hospital (under development) and GP Plus Healthcare Centre in Adelaide. In addition to the seed assets, the new Fund has a pipeline of further opportunities of approximately $390 million (on completion value) located in other states including NSW and Queensland.
The Responsible Entity of the Fund will be wholly owned by Dexus as part of the group’s funds management platform. As part of the joint venture, Dexus and C&G will co-invest in the Fund and establish a jointly owned Investment Manager. Dexus’s initial co-investment will be approximately $80 million.
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