Asset managers trade Sydney private hospital
A particularly securely leased strata-titled Northern Beaches hospital has traded between major fund managers, for healthcare trusts.
RAM Asset Management paid $39.5 million for the Arcadia Pittwater Private Hospital, at Warriewood.
Part of a five-level complex at 4 Daydream Street, the 85-bed sub-acute rehabilitation hospital, with 5025 square metres, will be held by the RAM Australia Opportunity Fund (HOF).
Dexus was the vendor.
It paid $50.5m in 2021 on behalf of the Healthcare Property Fund.
That seller was Breckenridge Funds Management, which developed the facility in 2018.
The deal comes two weeks since realestatesource.com.au reported Dexus, for the same trust, sold the Noosaville Medical and Professional Centre to Westbridge Funds Management and Shore Invest.
Arcadia Pittwater Private Hospital
Leased to Arcadia Health Care on a lease expiring in 2051, Arcadia Pittwater collects $2.59m annual net rent.
Two kilometres from Mona Vale Hospital, the property provides rehabilitation for patients recovering from surgery, illness or injury, with consulting suites, physiotherapy space and a hydrotherapy pool (continues below).
The $39.5m sale price reflects a 6.6 per cent yield.
It is the fourth asset for the open-ended HOF, which RAM says has a total fund value of about $250m.
The fund invests in healthcare property through acquisitions, repositioning and development, working with operators on existing and new facilities.
Last October, it bought a St Leonards healthcare property for $56m.
In 2024, it acquired a development site at Cleveland, Brisbane, for $6.5m, where it has since developed a medical hub anchored by Ramsay Health Care.
It also acquired a 20pc stake in Brisbane’s Nundah Medical Hub, following the $51.25m purchase of the property not long earlier.
RAM’s founders hold a further 5pc, with the remainder owned by a South-East Asian sovereign wealth fund.
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