Dexus enters JV to set up healthcare fund

Dexus/investment/finance/

29 June 2017
| By Oksana Patron |
image
image
expand image

Dexus has entered into a joint venture agreement (JV) with Commercial & General (C&G) to establish a new wholesale unlisted healthcare fund.

Under the terms of the deal, Dexus and C&G would co-invest in the fund and would set up a jointly owned investment manager, with Dexus’ initial co-investment of approximately $80 million.

The responsible entity (RE) of the new Australian Healthcare Property Fund would be wholly owned by Dexus as part of the group’s funds management platform.

Also, the new fund would be seeded with $370 million worth of properties, including the Adelaide Calvary Hospital and GP Plus Healthcare Centre in Adelaide.

Dexus said that healthcare property presented an opportunity for the company to drive long-term returns through leveraging capabilities of its platform across transactions, development, leasing and investment management.

Dexus’ chief executive, Darren Steinberg, said: “We are pleased to partner with C&G and look forward to continuing to build scale in the growing healthcare sector which will benefit from the underlying mega-trends of population growth and an ageing demographic”.

“We see this property asset class as a logical extension to our funds management platform.”

Marketing of the new fund would start in July with a view to launching the fund by the end of 2017, the company said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND