Centuria and Morgan Stanley Real Estate Investing have formed a healthcare joint venture and invested in three healthcare properties across Victoria and Queensland worth $210 million.
The assets include the $97 million Westside Private Hospital in Brisbane comprises four theatres, an infusion chemotherapy clinic, seven overnight beds and a 63-room medihotel.
The $75 million Adeney Private Hospital development is located in the Melbourne suburb of Kew, with construction expected to start in June.
The hospital, which will be operated by a JV between doctors and Medibank, will provide four theatres, an infusion chemotherapy clinic and 30-beds.
The $38 million Mater Private Hospital in Townsville provides four theatres, 34-beds, and includes the Icon Cancer Centre and Queensland X-ray.
Centuria said the portfolio offered a weighted average lease expiry (WALE) of 12 years and 99% occupancy.
The Centuria Prime Partnership comprises a 90% investment from Morgan Stanley and 10% from Centuria.
The partnership plans to invest in additional healthcare properties, having identified further assets for the fund.
“Since 2019, Centuria has significantly grown its healthcare AUM to approximately $1.7billion by focusing on healthcare real estate models of care that are cost-effective and deliver better patient care for our high-quality operational partners,” Centuria Healthcare Managing Director Andrew Hemming said.
“We will continue to focus on the acquisition of institutional-grade properties as well as developing out our $900 million healthcare pipeline.”
Centuria Healthcare was established in 2019 following Centuria Capital’s 63% investment in Heathley Limited.
The transaction comes after NorthWest Healthcare Properties invested $76.6 million to acquire a 27,840 sqm site in Sydney’s southwest suburb of Campbelltown and develop it into a multi-stage healthcare precinct last month.
Other recent healthcare deals include Centuria Healthcare Property fund’s purchase an in vitro diagnostic manufacturing laboratory in the Melbourne suburb of Mt Waverley for $51 million last November.
Earlier that month, Australian Unity Healthcare Property Trust settled the purchase of three aged care properties in Queensland in a $93.65 million sale-and-leaseback deal with McKenzie Aged Care Group.