Three funds managed by Dexus have acquired an additional 30.58% interest in Royal Adelaide Hospital (RAH), a A$2.5bn (€1.5bn) hospital complex in Australia.
IPE Real Assets understands that the unlisted funds invested A$245m to acquire the additional stake from Celsus Holding, the consortium that manages and maintains RAH.
The Dexus Community Infrastructure Fund (CommIF), Dexus Healthcare Property Fund (DHPF) and AMP Capital Core Infrastructure Fund (CIF) now collectively own 72.79% of the 800-bed RAH, delivered as a 35-year public-private partnership (PPP) with the South Australian Government.
Dexus declined to comment on the value of the transaction.
Dexus CEO, Darren Steinberg, said: “This further investment into Royal Adelaide Hospital provides our funds investors with a unique opportunity to grow their exposure to healthcare in an asset that we understand and have owned for a number of years.
“This takes exposure to healthcare on the Dexus platform to more than A$3bn.”
CommIF has been actively expanding its investment in Celsus since taking its initial stake in April 2021. The CommIF fund now holds a 58.69% holding in Celsus.
Dexus’s premium healthcare property fund, DHPF, has acquired a 9.95% interest in Celsus, further diversifying the fund’s investments to include a PPP.
CIF has taken a 4.15% interest in Celsus, representing the fund’s first exposure to healthcare infrastructure PPPs – and further diversifying its CIF portfolio.
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