Dexus has made a $180 million cornerstone investment in the Australian Unity Healthcare Property Trust.
As part of the partnership, the purchaser will have first right over the fund’s management platform.
In return, it will offer a 25 per cent stake in Adelaide’s Australian Bragg Centre (pictured, top) – which is held by the $1.3 billion Dexus Healthcare Property Fund.
The acquisition – covering part of a $320m capital raising AU launched today – prices each wholesale unit at $2.60 or a 16pc premium to net asset value.
It will result in Dexus holding an approximate seven pc of AUHPT’s pro forma issued equity.
NorthWest Healthcare Properties owns five pc; this Canadian group has made two takeover bids for the fund this year, the last at $2.55 per share.
Australian Unity Healthcare Property Trust
AUHPT holds 67 assets tenanted to 164 groups and worth a total $2.3b.
It also controls a $1b development pipeline (story continues below).
The Weighted Average Lease Expiry by income is 15.7 years while its capitalisation rate is 5.18pc.
Gearing is 26pc.
Over the past 12 months, the trust has delivered unitholders a 25.1 pc return; since 2016, this has averaged 14.9pc pa.
“We are confident in the outlook for healthcare real estate and the investment in AUHPT provides us with an efficient way to increase our exposure to this attractive asset class at an appealing price,” Dexus chief executive officer, Darren Steinberg, said.
“The broader relationship with AU provides an opportunity for us to accelerate our growing footprint in healthcare real estate and provides our funds and third party partners with additional investment opportunities,” he added.
“Dexus believes the subscription price of $2.60 per unit represents good value, based on the high-quality nature of the assets and strong investor demand for healthcare real estate.
“The establishment of the AU healthcare platform relationship and investment in AUHPT is expected to be accretive to Dexus’ FY22 Adjusted Funds From Operations and distribution per security”.
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