Barwon diversifies into clinical trial class
Barwon Investment Partners has acquired its maiden clinical trial asset as part of a $45 million-plus spending spree for the Healthcare Property Fund (BHPF).
The double storey investment at 189 Lakeside Drive, Joondalup, in Perth’s outer north, is predominantly leased to Linear Clinical Trials, which is undertaking a fit-out.
It is one of two Western Australian purchases – another, a Butler clinic, is leased to WA Health.
The other properties are in the St Andrew’s Place health precinct at Spring Hill, in Brisbane’s inner north – a strata titled day hospital (in a building pictured, top) and a neighbouring multi-level car park.
Portfolio surpasses half a billion
Following settlement of the latest assets, the essential services focused trust will hold a portfolio worth $546m, the manager said.
Since inception in 2014, BHPF has returned investors an average annual return of 10.3 per cent, it added.
“These acquisitions represent a strong investment for BHPF, underpinning the fund’s selective investment in stables and quality healthcare real estate across Australia,” according to BIP head of Healthcare Property and partner, Tom Patrick.
“Healthcare real estate has been one of the best performing sectors of the commercial real estate market in Australia over the past 24-36 months,” he said.
“Nonetheless we are taking a cautious approach…and will only be investing in assets that demonstrate an ability to offer our fund a stable income yield through long duration leases, located in high quality defensive geographies”.
BHPF assets
The priciest new asset is the car park; with 143 bays, leased to Secure Parking, it cost $23.7m in a deal struck earlier this year (story continues below).
The vendor is understood to be the Seymour Group.
Near there, BIP is purchasing the Eye Tech Day Surgery for an undisclosed amount.
Of this asset, the manager said the lease is structured with CPI rent reviews, providing an inflation hedge.
In Western Australia, the Joondalup investment, with a 6.3 year WALE, is priced at $10.3m.
“The clinical trials sector is experiencing major market growth and Barwon is pleased to welcome this new asset type into the portfolio,” a statement said.
A second asset, 81 Exmouth Drive, Butler, fully leased to WA Health for 12.7 yrs, is being purchased for $7.2m.
HMC Capital seeds fund with Sigma interest
In separate essential services news today, HMC Capital, until recently known as HomeCo, announced it would seed the HMC Capital Partners Fund No 1 with an 11.1pc economic interest in Sigma Healthcare Limited.
“The [trust] will focus on high conviction investment strategies for external investors and be managed by HMC Capital,” it said via law firm Hogan Lovells.
It is open to wholesale clients, the manager added, via c117 million shares.
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