Centuria to build Melbourne hospital for doctor-led Medicare JV

Centuria to build Melbourne hospital for doctor-led Medicare JV

A subsidiary of Centuria Capital Group (ASX: CNI) has entered a partnership to build a $64 million short-stay private hospital in Kew, Melbourne, which it will own and lease to a joint venture (JV) between a group of doctors and Medibank (ASX: MPL).

Centuria Healthcare will build the hospital for a long-term 15-year lease to the JV formed by 42 specialist doctors and Medibank to provide no-gap treatments to eligible patients.

"We are delighted to partner with the joint venture doctors and Medibank to develop and own the real estate delivering this new short-stay surgical facility," says Centruia Healthcare managing director Andrew Hemming.

"This is a transformative project that can change the landscape of the healthcare sector and we are pleased to be the real estate partner of this forward-thinking project.

"The project is central to Centuria Healthcare's strategy to partner with top-tier operators backed by secure lease covenants. We are focused on providing modern healthcare real estate investments across Australia and currently have circa $1 billion worth of these assets under management."

The new Kew short-stay hospital is planned to offer four operating theatres and a procedure room, 30 beds, radiology, an infusion (chemo) clinic and 90 basement car parking spaces.

The facility proposes to provide services such as orthopaedics, ear, nose and throat (ENT), vascular, plastics, general surgery, urology, gastroenterology, anaesthetics, oncology, and radiology.

Development of the facility is subject to completion of the acquisition and obtaining all necessary planning and licensing approvals.

The group's Centuria Healthcare Property Fund (CHPF) recently secured $57.3 million worth of private healthcare real estate across the eastern seaboard, with the bulk of the transactions going towards the modern, three-level $23 million Coffs Harbour Specialist Centre (NSW) and the $21.6 million Cairns Day Surgery (QLD).

CHPF also purchased the $12.7 million Murrumba Village Medical Centre in South East Queensland.

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