KKR-backed GenesisCare, which owns and operates an international chain of cancer clinics, has sold eight clinics in Australia to a newly-formed healthcare platform, HealthCo, for A$110.3m (€70m).
The private oncology clinics will seed two new healthcare vehicles, which have accumulated an initial portfolio of almost A$1bn when all its assets are fully developed.
HealthCo’s parent company, HomeCo, has agreed to acquire via sale-and-leaseback the national property portfolio from GenesisCare.
GenesisCare has more than 440 clinics internationally, including 370 radiation therapy treatment centres in Australia, the US, UK and Spain.
KKR owned a 45% stake in Genesiscare from 2012 to 2016 before selling to the Hong Kong-based China Resources and Macquarie Capital. Two years later, in 2018, KKR reinvested in Genesiscare.
HomeCo has also established a joint venture with Acurio Health to acquire and develop a A$500m health precinct in Camden, in Sydney’s south.
HomeCo managing director and chief executive officer, David Di Pilla, said the group was pleased to establish strategic partnerships with both GenesisCare and Acurio.
Di Pilla has previously announced plans to list a HealthCo REIT but said he would also establish an unlisted HealthCo by the end of this year.
Di Pilla said the company was on track with its capital raising plans for both the initial public offering and the unlisted HealthCo, targetting to raise A$1bn.
The company aims to raise at least A$500m in its initial first close in the coming months.
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