RAM takes hit with medical centre sale
Real Asset Management has suffered a loss selling a South Lake healthcare investment after two and a half years.
The off-market deal for The Lakes Medical Centre on 1447 square metres at 1 South Lake Drive, on the corner of Berrigan, is worth $7.6 million.
For the RAM Essential Services Fund, the manager in March, 2022, paid $8.87m – a 5.8 per cent net passing income.
The property was valued mid-June at $7.8m assuming a 6.25pc capitalisation rate.
The Lakes Medical Centre
Opposite Berrigan Quarter shopping centre, 1 South Lake Dve contains two buildings with three tenancies – all up with 603 sqm (story continues below).
A GP practice and pathology clinic are on initial leases expiring in 2030; Healius is the key tenant.
“This transaction is a prime case of highly liquid private investor capital seeking to be deployed into defensive healthcare assets, matching with the capital and asset recycling programs underway by healthcare REITs across Australia as their portfolios mature towards higher acuity facilities,” a Knight Frank marketing agent said.
South Lake is about 20 kilometres south of Perth’s CBD.
The disposal comes six months since RAM acquired an office converted hospital with four buildings, in Brisbane’s Nundah.
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