Dexus has raised an additional A$420m (€273m) for its unlisted Australian opportunistic real estate and open-ended healthcare property vehicles.

Dexus CEO Darren Steinberg said these successful equity raises deliver on the firm’s strategic objective to grow and diversify its fund management business, providing capacity for Dexus Real Estate Partnership 1 (DREP1) and the Dexus Healthcare Property Fund (DHPF) to execute on their respective strategies.

The healthcare fund, DHPF held a A$1.5bn portfolio as of 30 September 2022.

The raising for DREP1 marked the final close of the fund, Dexus said. It is understood that 50% of the fund’s capital came from institutional investors, including Mercer Alternatives which joined the club with an A$100m investment a year ago. With the additional capital, and including gearing, DREP1 now has total investment capacity of about A$1bn.

DREP1 also announced today the acquisition of a 7,000sqm medical and professional centre in Queensland. The vehicle also bought a site, encompassing 46 hectares of land located in the Melbourne Ravenhall Precinct. The latest acquisitions bring the fund’s portfolio to five assets.

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