Dexus nets $220 million for healthcare property fund
ASX-listed Dexus is ploughing ahead with its asset-diversification strategy, securing fresh funds for its $1.8 billion unlisted healthcare property fund.
Street Talk understands the real estate investor will announce a fully subscribed $220 million equity raise for the Dexus Healthcare Property Fund (DHPF) on Monday, positioning it to pursue further acquisitions.
While best known as the country’s largest office landlord, Dexus has been broadening its exposure, pushing into unlisted infrastructure and healthcare assets.
North Shore Health Hub at St Leonards, Sydney, was developed by Dexus as part of its asset diversification strategy.
Sources said Dexus had won equity from new and existing investors in a 65/35 split for a portfolio that includes assets such as the North Shore Health Hub in Sydney and the Bethesda Clinic, a $58.3 million mental health facility in Perth.
The funds came from onshore and offshore investors looking to gain access to the healthcare property sector. Existing investors in the fund are known to be the Clean Energy Finance Corporation, Australian Ethical and Employees Provident Fund Malaysia, a $284 billion retirement fund for private sector and non-pensionable public sector employees in Malaysia.
Dexus declined to confirm if the fund was seeking to raise more money this calendar year. But, given the interest in this round, it wouldn’t be surprising to see it tap investors again before December.
DHPF is an open-ended unlisted property fund that invests in high-quality, large-scale healthcare property assets focused on secure income profiles.
Dexus healthcare fund manager Jemma Maddick.
Since launching in 2017, it’s grown to $1.8 billion in funds under management from seventeen investors, and was
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