Home Consortium has purchased eight oncology clinics from GenesisCare and a five hectare block at Camden where it will develop an integrated health and innovation precinct with Acurio Health Group.
The total initial outlay is $209.7 million.
The assets will add to seed properties for the ASX-earmarked HealthCo trust and the unlisted HealthCo fund, both which will be launched this calendar year.
The oncology centres are costing $110.3m from GenesisCare which offered them with leasebacks.
The portfolio has a Weighted Average Lease Expiry of 10.7 years, however each of the assets has renewal options.
GenesisCare has 440 clinics – 370 of which are radiation treatment facilities – spread throughout Australia, Spain, the United Kingdom and the United States.
Five of the properties it has just sold HomeCo are in Queensland, two are in Victoria with the other, in Western Australia (story continues below).
Camden asset will exceed $500m
At Camden, a growth precinct about 65 kilometres south west of Sydney, the manager has teamed with Acurio to replace a five hectare site with a healthcare precinct.
The land, over three titles, is costing HomeCo $29.2m following advisory from Colliers’ Thomas Mosca. The buyer will also tip in at least $70m for the first stage of construction – a 78-bed hospital, which Acurio has pre-committed to for an initial 15 years.
The joint venture will then fill out the block with a mixed-use medical campus and large scale general hospital and biomedical facility – phases two and three.
The partners estimate the end value of the Camden asset will exceed $500m.
HomeCo managing director and chief executive officer David Di Pilla said the outlays align with its portfolio strategy for HealthCo.
“In particular we look forward to the development at Camden as part of our significant broader involvement in the western Sydney growth corridor,” he added.
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