The Australian Unity Healthcare Property Trust (HPT) has acquired a medical office building at 15 Butterfield Street in Herston, Queensland, for $81.47 million.
The property is opposite the Royal Brisbane and Women's Hospital and has a lettable area of 11,253 square metres. It is 98 percent occupied by Queensland Health.
Mr Chris Smith, head of healthcare and retirement property funds at Australian Unity Real Estate Investment, said the acquisition enhances HPT's geographic, property and tenant diversification.
"The property is part of a major medical precinct and meets our criteria of offering good yield for investors as well as the potential for future capital growth,"he said.
The transaction follows the recent acquisition of a two-level commercial building in Greensborough, Victoria for a recently-created sub trust of HPT, which was formed through a strategic partnership between Australian Unity Real Estate Investment and Primary Health Care in 2015.
Australian Unity Real Estate Investment is the property funds management business of Australian Unity Investments, part of the Australian Unity group, a national healthcare, financial services and retirement living organisation that has been operating for more than 175 years.
Australian Unity Real Estate Investment was established in 1998 and, through its unlisted property funds, owns and manages more than 50 properties in the healthcare, retail and commercial sectors across Australia. It has $2 billion in funds under management (as at 31 March 2016).
HPT owns 32 hospitals, medical centres, and aged care facilities across Australia, and has more than $940 million in funds under management as at 31 March 2016.