This article is from the Australian Property Journal archive
HMC Capital will give its healthcare division a shot in the arm with the acquisition of Australia’s second-largest private operator Healthscope for $1.2 billion.
HMC will agree Healthscope from New York Stock Exchange-listed Medical Properties Trust.
The sale comes less than four years after Brookfield took Healthscope private in a $4.4 billion deal. As a part of the acquisition, a joint venture between Canada’s NorthWest Healthcare Properties and Singaporean sovereign fund GIC, along with Medical Properties Trust bought a 50% stake in Healthscope’s 11 hospital properties portfolio for $2.5 billion.
HMC will raise $125 million in new equity whilst its managed fund HealthCo Healthcare & Wellness REIT will raise $325 million to fund the acquisition.
The deal will increase HMC’s funds under management substantially to $7.5 billion, putting it within reach of its $10 billion FUM target by CY2024.
HealthCo recently reported solid earnings. It upgraded its full-year FFO guidance to 7.1c per unit, representing 15% growth on FY22, and a 4% upgrade to previous guidance of 6.8 cents.
