Real Asset Management (RAM) has launched an Australian healthcare real estate fund with an unnamed “large” Southeast Asian sovereign wealth fund, believed to be Singapore’s GIC.
RAM Australia Healthcare Opportunity Fund (HOF) will seek out development opportunities in healthcare assets in core Australian markets, aiming to potentially build out the platform with assets valued at A$1bn (€598m).
HOF will have two seed assets, including a development site in Brisbane, earmarked for a medical hub. It will be operated by the hospital provider Ramsay Health Care on a 25-year lease.
GIC’s largest healthcare real estate exposure in Australia is through its A$3.3bn joint venture with Canada’s NorthWest REIT, which is reportedly selling down assets in various countries, including Australia, to pay down debt.
Matthew Strotton, RAM executive director and head of real estate said the firm would leverage its experience, expertise, and established relationships with operating partners to provide “actively managed opportunities to investors” through the repositioning and development of high-quality healthcare assets.
Sydney-based RAM currently manages the ASX-listed RAM Essential Services Property Fund (REP).
“RAM’s objective has been to position for a wider range of risk assets and to create synergy in operations, which will complement our flagship listed vehicle REP. We have expanded our development and deal origination capabilities and see this as a natural progression for RAM and our investors,” Strotton said.
RAM has been investing in the sector since 2018 and currently manages a portfolio of 28 healthcare real estate assets, valued at A$500m across Australia. REP owns 23 of those assets.
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