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Dexus settle Healthcare Hub deal

September 28, 2019

Dexus announced in early September the sale of the NorthShore Health Hub to its newly formed Healthcare Wholesale Property Fund (HWPF).

 

Stage 1 pf the North Shore Health Hub is currently under development at 12 Frederick Street, St Leonards and will comprise a state of the art healthcare facility across 16,000 square metres. The project is expected to cost $224m.

 

Approximately 50% of the facility has already been pre-committed to Ramsay Health Care, North Shore Radiology and GenesisCare.

 

The deal with the HWPF has been structured as a fund through and take out with the land being transferred at fair value up front. The land transfer was recorded last week at a value of $52.7m with the balance of the proceeds paid across a number of fund-through instalments during FY20 and FY21, as part of a development management agreement.

 

The deal will provide Dexus with an $18-$22m pre- tax profit.

 

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