SOCIAL INFRASTRUCTURE

Dexus prescribes Monash Uni pharmacy for healthcare fund

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DEXUS Healthcare Property Fund (DHPF) has acquired a Monash University facility in Melbourne’s Parkville biomedical precinct for $138.7 million, taking its portfolio beyond $1 billion.

The Manning Building and Building 4, 399 Royal Parade, on the edge of the CBD, comprise two of the five buildings at Monash University’s Parkville Campus, home to the university’s Faculty of Pharmacy and Pharmaceutical Science – ranked second in the world for pharmacy and pharmacology research.

Acquired from a private owner, the property is entirely leased to Monash University with a weighted average lease Expiry of 12.4 years.

“This Parkville acquisition adds another large-scale, income-producing asset located in a world-class biomedical precinct to DHPF’s portfolio,” Dexus executive general manager, funds management, Deborah Coakley said.

“This transaction continues our strategy to grow and diversify DHPF through the acquisition of high-quality developments and stabilised healthcare assets.

“Further opportunities in Brisbane and Perth are currently under review,” she added.

The precinct is home to other major biomedical research institutes, including CSIRO, CSL, The Florey Institute of Neuroscience and Mental Health and Peter MacCallum Cancer Centre. It also includes Royal Melbourne Hospital, Royal Women’s Hospital, Royal Children’s Hospital, Melbourne Private Hospital and St Vincent’s Hospital Melbourne.

Settlement of the Parkville acquisition is expected to occur next week. Mark Coster of CBRE introduced Dexus to the property.

The purchase follows the DHPF’s recent completion of North Shore Health Hub in the North Shore Hospital precinct in St Leonards, and the $446 million acquisition of the clinical and research facility Australian Bragg Centre within Adelaide’s BioMed City precinct.

Listed groups are becoming more active in the healthcare space across their platforms. Centuria Healthcare is set to build a new $64 million private hospital in Melbourne’s inner-east after entering into an agreement with doctor-led joint venture with insurer Medibank, after Centuria expanded its unlisted healthcare property fund further, paying $57.3 million for medical centres. Elanor has made multiple healthcare asset acquisitions in Brisbane and Perth.

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