RAM grows healthcare portfolio

The Secret Harbour asset is anchored to Care Medical Group on a lease expiring in 9.5 years.

A fortnight after floating its first REIT, the RAM Essential Services Property Fund (REP), Real Asset Management has snapped up another two healthcare investments.

The properties – in Secret Harbour, south of Perth, and Mildura, in regional Victoria – are costing c$16 million at a blended 5.8 per cent yield from Centuria Healthcare.

The acquisitions come a month since the group outlaid $76m on five essential services assets – a Brisbane day hospital, clinics on the Gold Coast and in Townsville, and two Darwin medical centres.

In another spending spree, worth $42.5m in June, RAM picked up the exclusive Banyans Health and Wellness Retreat at Clear Mountain, again in the Queensland capital, Mackay’s Willetts Health Precinct and, in Perth, the Mandalay Health Centre and Swan Medical Centre.

Excluding Secret Harbour and Mildura, REP contains 33 assets worth a total of $706.3m.

Since peaking shortly after floating at $1.05, shares closed the day at 99 cents (story continues below).

Newest assets

RAM’s newest assets include 2 Clarkshill Road, Secret Harbour – which spreads 1614 square metres over two floors generates annual income of $556,479 from Care Medical Group (which is on a lease expiring in 9.5 years), Oasis Pharmacy and Complete Range Physiotherapy.

The Victorian asset, 87-89 Langtree Avenue (pictured, top), has a similar internal area. Occupied by Tristar Medical Group and Mildura Optical, and with a Weighted Average Lease Expiry of 6.4 years, it returns yearly rent of $363,788.

CBRE’s Sandro Peluso, Derek Barlow, Marcello Caspani-Muto and Jimmy Tat marketed both properties, each on a 951 sqm block.

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Marc Pallisco

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