RAM buys healthcare investments with development plans

Real Asset Management has acquired two healthcare assets with development upside at each end of the country.

RAM Essential Services Property Fund owns a medical centre in Perth’s Secret Harbour.

In the biggest deal, the diversified fund manager is paying $28.5 million for the Eden Private Hospital at 50 Maple Street, Cooroy (Google Street View image, top), about 20 kilometres west of Noosa Heads.

The vendor, NorthWest Healthcare, for the Vital Healthcare Property Trust, outlaid $23.8m in late 2017.

It was offered permit ready for a $420m expansion.

Meanwhile, RAM is paying a consortium including GPs Edward Pleydell-Bouverie and his wife, Nicole Wood, $6.6m for the Woodbridge Family Practice at 37 Elanora Drive, Cooloongup.

On 1821 square metres, the buyer also intends to undertake a c$30m extension (story continues below).

Both properties are expected to be held by the RAM Essential Services Property Fund, which launched in October 2021 and now holds a $1.6b portfolio with medical-related, office and retail product.

Announcing the Cooroy acquisition, the fund manager’s head of Real Estate, Matthew Stratton, said the group intends to add between $500m-$1b of product to its portfolio next financial year.

It also plans to increase its focus on healthcare.

Cooloongup is about 45 kms south of Perth’s CBD.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.