Dexus raises $200m for healthcare property fund

Dexus raises $200m for healthcare property fund

The Dexus Healthcare Property Fund (DHPF) portfolio includes the Australian Bragg Centre in Adelaide, which is still in construction but due for completion this quarter.

Property giant Dexus (ASX: DXS) has successfully raised $220 million for its unlisted healthcare real estate fund, which currently has $1.8 billion worth of properties including Cavalry Adelaide Hospital, the Australian Bragg Centre in Adelaide, the North Shore Health Hub in Sydney, and more.

The Dexus Healthcare Property Fund (DHPF) equity raise was fully subscribed with existing investors accounting for around 65 per cent of the new capital.

The fund has a diversified register and has raised $1.3 billion from 16 institutional investors since its inception in December 2017. 

"This successful equity raise confirms investor interest in high quality healthcare investments remains elevated. We are committed to continuing to unlock healthcare investment opportunities for our investors," says Dexus executive general manager funds management, Deborah Coakley.

"DHPF resonates strongly with investors looking to capitalise on sector tailwinds via a high quality portfolio, while leveraging the Dexus platform to grow the fund and deliver performance for our investors," adds DHPF fund manager Jemma Maddick.

DHPF recently acquired a 9.95 per cent interest in Celsus, the consortium that manages and maintains the Royal Adelaide Hospital alongside Dexus Community Infrastructure Fund and Dexus Core Infrastructure Fund, further diversifying the its investments to include a public-private partnership.

Other properties in the fund's portfolio include Bethesda Clinic in Perth, Spring Hill Medical in Brisbane, and other assets in Queensland, South Australia and New South Wales.

Today's news follows an oversubscribed capital raise late last month for Dexus' new Wholesale Airport Fund(WAF), which owns a 1 per cent investment in Australia Pacific Airports Corporation (APAC), the unlisted holding company of Melbourne Airport and Launceston Airport.

The WAF raise exceeded its target of $130 million, giving the fund capacity for further potential acquisitions to grow its stake in APAC.

"WAF offers a rare opportunity for wholesale investors to obtain exposure to a key piece of privately owned infrastructure, which up until now had been tightly held by institutional clients," Dexus CEO Darren Steinberg said at the time.

"The equity raise highlights strong wholesale investor interest in high-quality real assets."

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