A fund backed by Singapore sovereign wealth fund GIC and managed by NorthWest Healthcare Properties Australia has entered a sale-and-leaseback deal for a 70-bed private hospital in Queensland, which involve a total investment of up to A$110m (€74.1m).

The new owner will partner with Healthscope, which will continue to operate the acute surgical and rehabilitation hospital in Brisbane, to expand surgical and medical service facilities.

Peninsula Private Hospital sits on a 14,600sqm site which is being acquired by NorthWest.

Richard Roos, NorthWest executive director, said: “In this area of Brisbane there is strong demand for Peninsula Private’s existing services. That demand exceeds the capacity of its current infrastructure.”

He added: “The opportunity to acquire the hospital facility and the site it sits on was highly appealing for NorthWest, given the quality of the hospital and its catchment.

“Our expanded partnership with Healthscope will deliver enhanced healthcare services to Australians. Long-term ownership and partnerships like this are at the core of NorthWest’s business model.”

Northwest has rapidly grown the size of its joint venture with GIC, formed in 2019 to take over half of Healthcope’s hospital portfolio from Brookfield Asset management.

Assets under management have grown to A$3.6bn with a further A$2.3bn still to be deployed.