This article is from the Australian Property Journal archive
THE Elanor Healthcare Real Estate Fund has acquired the Broadway Medical Centre in the north eastern Perth growth area, taking its portfolio value to over $201 million.
The multi-tenanted medical facility is in Ellenbrook, at 150 Coolamon Boulevard.
It was picked up for $12 million, reflecting a 6% capitalisation rate, and is the fifth acquisition for the fund since its establishment in March of 2020.
“The Elanor Healthcare Real Estate Fund continues to perform strongly. Recent increases in the valuation of the Fund’s portfolio reflect this strong performance,” ENN co-head real estate and EHREF fund manager, David Burgess said.
“The Broadway Medical Centre is fully leased and further diversifies the Fund’s high-quality tenant mix. Growth in the healthcare sector and the shift to ‘out-of-public hospital’ services continues to provide significant expansion opportunities for private sector healthcare operators.”
Elanor has made multiple healthcare asset acquisitions, including in Brisbane and another Perth multi-tenanted medical facility, in Rockingham.
ENN CEO, Glenn Willis, said the healthcare real estate sector continues to attract strong investor demand, and flagged further acquisitions in the near term.
The deal follows the Dexus Healthcare Property Fund picking up a Monash University facility in Melbourne’s Parkville biomedical precinct for $138.7 million, taking its portfolio beyond $1 billion, while Home Consortium has doubled its targeted initial equity raising for its proposed healthcare real estate spin-off, now seeking $1 billion across both listed and unlisted funds.
