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Centuria Receive Backing for $500m HealthCare Fund
September 4, 2019
Centuria Capital Group confirmed that they had received 2 new institutional mandates for $500m for their Australian Diversified Healthcare Fund (ADHF). The two investors, AXA IM and Grosvenor will combine with a $15m minority stake from Centuria to form the equity base for the fund of circa $300m.
As part of the mandate, Centuria Heathley will be directly responsible for the origination and delivery of the assets to the Fund. The partners aim to create a $500 million healthcare real estate portfolio with seed assets of $88 million being the Mater Private Hospital in Townsville QLD and The Westside Private Hospital in Brisbane QLD.
Centuria Heathley currently manages over $600 million of assets across a spectrum of healthcare segments including medical centres, day hospitals and tertiary aged care and has strategic relationships with a range of specialist healthcare operators with a further identified pipeline of $400 million.
Joint CEO John McBain commented, “Centuria Heathley embeds a quality healthcare real estate platform alongside our established listed and unlisted property fund vehicles. Healthcare is a fast-growing sector globally, and we are pleased that the announcement of the establishment of Centuria Heathley coincides with the announcement of the partnership with AXA IM and Grosvenor.
Jason Huljich, Joint CEO, said “The new ADHF venture represents the group’s largest institutional mandate to date and we intend to work closely with our new partners to grow the portfolio utilising Centuria’s transactions and property services team.”
“Andrew Hemming will continue to act as Managing Director of Centuria Heathley. Andrew’s credentials in the healthcare sector are well known and we look forward to combining the retail distribution networks of each entity to support the existing and future unlisted retail funds in relation to smaller healthcare real estate opportunities.”