After less than two days of capital raising, Australian Unity’s $1.2 billioni
healthcare property trust (HPT), has successfully raised more than $170 million to help fund its future development and acquisition activities.
The HPT, the largest healthcare real estate investment trust (REIT) in the country, re-opened to new applications on Monday, 15 May and was forced to close at 3pm on Tuesday after overwhelming demand from both existing and new investors.
This raising will help fund HPT’s on-going, long-term, brownfield developments at the Valley Private Hospital in Mulgrave, Victoria, Brisbane Waters Private Hospital in Woy Woy, New South Wales and the Primary Health Care Medical Centre in Greensborough, Victoria.
Mr Mark Pratt, General Manager of Property at Australian Unity said the overwhelming demand was confirmation of support for Australian Unity’s investment approach. “It’s a pleasing endorsement of HPT’s long and consistent track record, the experience of its property managers, the positive outlook for healthcare property and our clear and measured growth agenda for HPT.”
Funds raised will also be deployed for greenfield developments to construct the Primary Health Care Medical Centre in Robina, Queensland, Tuggerah Lakes Private Hospital in New South Wales and the Specialist Rehabilitation and Ambulatory Care Centre (SRACC) which forms part of the $1.1 billion Herston Quarter redevelopment in Brisbane, Queensland.
Mr Chris Smith, head of Healthcare Property at Australian Unity said “HPT’s 18 year track record means we understand the tenants, the facilities and the services that both deliver for the community and drive strong returns for investors” he said.
“It’s a great privilege to be able to raise this amount of money from investors so quickly and invest it back into sought after healthcare infrastructure for communities throughout Australia”, Mr Smith said.
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About Australian Unity
Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including 300,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.
iHPT currently has $1.22 billion in assets under management and a further ~$500 million in its development pipeline as at 17 May 2017.