Dexus has successfully raised $220 million for its healthcare real estate fund, Dexus Healthcare Property Fund (DHPF), with existing investors accounting for approximately 65 per cent of the new capital.
DHPF is an open-ended unlisted fund that offers wholesale clients a diverse healthcare property portfolio. Since its establishment in December 2017, it has raised $1.3 billion from 16 institutional investors.
The fund has an estimated $1.8 billion of properties comprising large-scale assets offering secure income profiles, anchored by what Dexus deemed “well-credentialled” healthcare operators.
According to the firm, the equity raise highlighted strong investor interest in the fund’s healthcare portfolio, positioning it to pursue further acquisitions and growth opportunities.
Dexus executive general manager, funds management, Deborah Coakley commented: “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.”
“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,” added DHPF fund manager, Jemma Maddick.
The fund delivered a five-year return (post fees) of 13.6 per cent to 31 March 2023, outperforming the comparable MSCI benchmark return of 12.4 per cent.
Alongside the Dexus Community Infrastructure Fund and Dexus Core Infrastructure Fund, DHPF also recently acquired a combined 30.58 per cent interest in Celsus Holding, the consortium that manages and maintains the Royal Adelaide Hospital, taking the total stake in Celsus held by Dexus to 72.79 per cent.
This was Dexus’s first transaction following the first stage completion of the sale and transfer of AMP Capital’s domestic real estate and infrastructure equity business on 24 March 2023, bolstering the firm’s presence in infrastructure assets.
According to the firm, the transaction reflects a two-stage completion process, with some AMP Capital funds and assets being rebranded as Dexus assets after the first stage, and others to remain under the AMP Capital brand until the integration of AMP Capital onto the Dexus platform is complete.