Canadian Giant NorthWest Eyes Healthcare Expansion


Healthcare property giant Northwest Healthcare is set to further expand its presence in Australia as it raises $150 million for one of its two major funds to finance three large property projects in coming months.

The Canadian healthcare REIT manages a $4 billion-plus portfolio in Australian and New Zealand, including the $2 billion portfolio of the NZ-listed Vital Healthcare Property Trust.

The group has a pipeline of more than $500 million, including the recently-completed expansion of the Epworth Freemasons Private Hospital in East Melbourne, a $125 million expansion of the Epworth Eastern Hospital in Box Hill as well as the potential acquisition of a $95 million metro hospital.

Former Grocon chief and property industry veteran Craig Mitchell joined the group as its Australasian head in mid-2018, and was appointed Northwest’s global president earlier this year.

Mitchell, who will join The Urban Developer’s healthcare property vSummit next Thursday, said the sector was more relationship-driven than other real estate sectors.

“Particularly given that in healthcare, the property facility is critical to the operator’s core business,” Mitchell told The Urban Developer.

“As healthcare delivery models change we need to ensure the physical infrastructure of these highly-specialised assets accommodate the operational needs of our partners for many decades.”

“As a result we do an enormous amount of research on global healthcare thematics, how health systems are changing, how the flows of capital work, how doctors work—all of the different components of the health eco-system.”

With 70 of its 189 income-producing property assets in Australia and New Zealand covering about half of the group’s $8 billion global portfolio, Northwest has a local team of more than 40 people in Australia.

Join The Urban Developer and Craig Mitchell in conversation next Thursday, 29 October for a discussion on Northwest, changing investment themes in the healthcare sector and the building of a global healthcare REIT.

Related: Bragg Centre Buy Flags Dexus’ Healthcare Expansion


To register for this upcoming event, click here.


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