This article is from the Australian Property Journal archive
AUSTRALIAN Unity’s Healthcare Property Trust has secured a further $320 million in funding to support its $550 million development pipeline.
The new debt facility replaces an existing agreement and extends HPT’s loan term to a minimum of five to seven years. It includes existing long-term capital partners ANZ, Westpac and NAB, as well as new partner, AustralianSuper.
Australian Unity head of strategy and support – property, Louise Cahill-Mulvogue, said bringing AustralianSuper into the mix sent a strong signal to other super funds about the benefits of getting involved in long-term debt financing of property assets for community benefit.
“The HPT’s partnership with AustralianSuper is a great example of how Australia’s superannuation fund members can support the growth and expansion of critical healthcare infrastructure for Australian communities,” she added.
Executive general manager of property Mark Pratt said that the management of debt was as important to the fund as its active and prudent management of the 44 healthcare related properties in the portfolio.
“In a globally competitive environment, this long-term financing provides certainty for investors that the HPT can continue to progress its half a billion dollar development pipeline supporting its ability to produce strong returns for investors,” he said.
He also acknowledged Planum Partners who worked closely with the team at Australian Unity to negotiate and secure the innovative debt refinancing agreement.
Managing director Shaun Newing said that Planum Partners was proud to work with Australian Unity to refinance and restructure HPT’s existing debt facilities.
“The new agreement is an exciting first, as it involves bank and non-bank financiers. This means we can provide flexibility for current and potential developments in the HPT pipeline of healthcare opportunities, and stability for long term investors,” he concluded.
Australian Property Journal
