Home Consortium’s HealthCo Healthcare & Wellness REIT (HCW) listed today.
Units in the fund closed at $2.32 – or 16 per cent over the ($2) offer price.
The manager raised $650 million for the entity – the country’s largest pure-play, diversified healthcare trust.
The Initial Public Offering is Australis’s second biggest this year – after Pexa, which debuted in July (worth $1.17 billion).
It is also the biggest to have a real estate focus since the $827m float of Charter Hall’s Long WALE REIT in 2016, according to HomeCo managing director David Di Pilla.
HomeCo listed two years ago.
Last November, the manager launched another trust – the Daily Needs REIT.
HealthCo Healthcare & Wellness
HCW holds 27 properties worth a total of $555m – a mix including aged care facilities, childcare centres and hospitals.
Ninety seven pc of its assets are on the east coast.
Four pc of the portfolio is vacant (story continues below).
The Weighted Average Lease Expiry is 9.4 years.
HomeCo is anticipating a FY22 distribution of 4.5pc.
“The REIT’s objective is to provide exposure to a diversified portfolio underpinned by healthcare sector megatrends, targeting stable and growing distributions, long-term capital growth and positive environmental and social impact,” independent non-executive chair, Joseph Carrozzi, said.
It is targeted 30-40 pc gearing.
In July, it paid $80m on a funds through basis for Southport’s Proxima building, parts of which have been pre-committed to the Queensland government and Griffiths University.
Also that month, the fund snapped up a portfolio of eight oncology clinics with a leaseback to Genesis, and a five hectare site in south west Sydney, earmarked for a health and innovation precinct (artist’s impression, top).
Five months ago, it acquired Health Hub Morayfield, north of Brisbane, for $110m.
That asset is designed with a GP clinic, specialist consulting suites and a 92-place childcare centre.
The federal government is another HCW tenant client.
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