Dexus (ASX:DXS) to commit $180m to Australian Unity's raising

Company News

by Michael Luu

Property investor Dexus (ASX:DXS) is poised to diversify its income streams and expand its footprint in the medical property market, following a partnership with medical investment firm Australian Unity.

Australian Unity’s healthcare real estate division has reached an agreement with the 11.6 billion landlord to create a “platform relationship”.

The collaborative scheme between Australian Unity Healthcare Property Trust (AUHPT) and Dexus will enable the latter to participate in Australian Unity’s investment projects.

A $180 million contribution will kickstart Dexus’ commitment to the wellbeing company’s property development pipeline. These funds will form a part of Australian Unity’s $320 equity raising to finance healthcare property investor’s growth strategies.

Established in 1840, Australian Unity currently possesses one of the largest portfolios of healthcare assets. AUHPT’s expansion programme includes an array of Greenfield and brownfield projects.

The alliance between two parties will give mutually benefit two parties with first priority in their respective partner’s assets. AUHPT will reserve first rights to attain a stake in Dexus’ advanced proton therapy facility, the Australian Bragg Centre at the market price. In exchange, Dexus will be the first to receive an interest sale offer, if Australian Unity decides to sell down its management platform.

Shares in Dexus (ASX:DXS) are trading 0.9 per cent lower at $10.64



 

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