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OtherLindsay SaundersFri 11 Aug 23

Healthcare Fund Spends Up Big on NSW, Qld Assets

A major healthcare property fund has been on a spending spree, laying down around $124 million for three assets.

The Barwon Institutional Healthcare Property Fund has acquired medical centres in NSW and Queensland with a day surgery, also in Queensland, now under contract.

In Westmead, NSW, Barwon has paid around $38 million for the Mons Road Medical Centre, next to Ramsay’s Westmead Private Hospital.

Anchored by Castlereagh Imaging, Sonic Healthcare’s diagnostic imaging business, the medical centre also houses IVF Australia and several other prominent medical consulting specialists with more than 85 per cent of the property’s income linked to CPI.

Spanning 2898sq m of net lettable area across four levels, the property has 60 carparking spaces.

Barwon Healthcare Property head Tom Patrick said the acquisition represented an “exceptional opportunity to build on our existing exposure to Sonic Healthcare, a leader in the healthcare industry, while establishing our presence within the highly sought-after Westmead health precinct”.

The fund also acquired Neta Care HQ, a state-of-the-art medical centre in Brookwater, near Ipswich in south-eastern Queensland.

The newly refurbished property was purchased for $14 million and is 100 per cent tenanted by Neta Care, a disability care provider that offers general practice, allied health services and disability care. 

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▲ The fund paid about $14 million for Neta Care HQ near Ipswich in south-eastern Queensland.

The fund has also continued its expansion in Brisbane, with a property contracted at 87 Ipswich Road, Buranda.

Settlement is due in October for the premium day surgery, which has been secured for $72 million and is primarily leased to Queensland Eye Institute and another healthcare tenant on a 10-year term. 

This move comes after the recent acquisition of PA Health Connect at 240 Ipswich Road, which is directly connected to the Princess Alexandra Hospital, Queensland’s second largest hospital and one of Australia’s leading tertiary healthcare centres.

These acquisitions take the portfolio to 29 healthcare properties with a value of more than $1.4 billion.

Barwon said it planned to continue to raise additional capital for the fund with a strategic capital raise of more than $300 million in the next 12 months to support its continued growth, pipeline expansion and diversification.

OtherHealthcareAustraliado not useBrisbaneReal EstateFinanceDeal
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
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Article originally posted at: https://www.theurbandeveloper.com/articles/barwon-healthcare-asset-nsw-queensland-acquisitions