Australian Unity Healthcare Property Trust has settled the purchase of three aged care properties in Queensland in a $93.65 million sale-and-leaseback deal with McKenzie Aged Care Group.
Under the deal, the properties have been leased to McKenzie for a 25-year minimum term, with the option of two 10-year extensions.
The transaction includes the 133-resident CapellaBay Aged Care facility located in Capalaba, about 22km southeast of the Brisbane CBD.
The 122-resident Seabrook Aged Care property is situated in Deception Bay, about 40km north of the Brisbane CBD, while the Terraces Aged Care asset is a 149-resident facility in the Gold Coast suburb of Varsity Lakes.
“The addition of three established, well-located and securely leased aged care facilities enhance tenant and income diversification and increase the fund’s weighted average lease expiry from 15.7 to 16.1 years, based on the 25-year lease terms for the portfolio acquisition,” said Chris Smith, General Manager – Healthcare Property at Australian Unity.
“These acquisitions augment AUHPT’s aged care portfolio and follow our recent land purchase ahead of the $54 million development of an aged care facility in Knoxfield in Melbourne’s eastern suburbs to commence in 2022.”
Mr Smith said they were currently developing new facilities and in active due diligence on a number of other transactions, totalling about $500 million.
The trust is one of Australia’s largest unlisted healthcare property funds, with assets including hospitals, medical centres, aged care facilities, medical offices and other healthcare-related properties.
The Australian Unity fund said the acquisition was in line with its strategy to invest in high quality, income-producing healthcare and social infrastructure assets in Australia’s key growth corridors.
The deal takes the trust’s gross assets to $2.99 billion and total borrowings to $541 million, reflecting an 18.07% gearing ratio.
The transaction comes after the trust bought a building let to Capital Radiology near the Sunshine Hospital in Melbourne’s west for $6 million last month.
In June this year, the fund exchanged contracts to buy a parcel of land in the Melbourne suburb of Knoxfield for $10.75 million, in addition to providing development and loan funding of up to $54.25 million.
The site has approved development plans for a 177-bed residential aged care facility.