Global asset group AXA Investment Managers has teamed up with Centuria’s newly acquired fund manager Centuria Heathley and property business Grosvenor Group in a joint venture, entering Australian health care infrastructure with a goal to build a $500 million trust.
The three companies will own the health care portfolio as a joint venture named the Australian Diversified Healthcare Fund (ADHF).
The partners are aiming to create a $500 million health care real estate portfolio, with seed assets of $88 million being the Mater Private Hospital in Townsville and the Westside Private Hospital in Brisbane.
Centuria Capital Group joint chief executive Jason Hulijich said: “The new ADHF venture represents the group’s largest institutional mandate to date and we intend to work closely with our new partners to grow the portfolio utilising Centuria’s transactions and property services team.”
Following the company declaring it had secured the institutional mandate, Centuria confirmed it had settled its 63 per cent interest in Heathley’s property funds management platform, with the company to be rebranded as Centuria Heathley.
Centuria acquired its majority stake in May for $24.4 million, boosting its assets under management at the time by 26 per cent.
Heathley managing director Andrew Hemming will retain his position, leading the venture.
Centuria Heathley will be held responsible for the origination and delivery of the assets to ADHF, with Centuria committing to co-investing up to $15 million in the fund.
Currently, Centuria Healthley looks after more than $600 million of assets across a spectrum of health care segments including medical centres, day hospitals, and tertiary aged care.
“Andrew’s credentials in the health care sector are well known and we look forward to combining the retail distribution networks of each entity to support the existing and future unlisted retail funds in relation to smaller health care real estate opportunities,” Mr Heathey said.
Centuria joint CEO John McBain commented the fund manager embeds a health care platform alongside its established listed and unlisted property fund vehicles.
“Health care is a fast-growing sector globally, and we are pleased that the announcement of the establishment of Centuria Heathley coincides with the announcement of the partnership with AXA IM and Grosvenor,” Mr McBain said.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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