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RAM outlays $42.5m on healthcare assets

This article originally appeared in Real Estate Source.

Real Asset Management has purchased four more healthcare investments for the Essential Services REIT it intends to float next quarter.

The deal, worth a total $42.5 million, is being struck on a blended six per cent yield.

It brings the number of assets the manager is holding for the fund to 17.

Ten are neighbourhood shopping centres.

RAM’s newest properties

Two of RAM’s newest properties are in Perth – the Mandalay Health Centre at 210 Wanneroo Road, and Swan Medical Centre (280 Great Eastern Highway, Midland).

Mandalay Health Centre in Perth.

In Mackay, the group is purchasing Mount Pleasant’s Willetts Health Precinct – which includes two freestanding day hospitals and a 2000 square metre development site.

The Willetts Health Precinct contains two standalone clinics and a 2000 square metre development site.

Also in Queensland, the portfolio includes the exclusive Banyans Health and Wellness Retreat at Clear Mountain, north-west of Brisbane (pictured, top), which charges a maximum of eight guests between $84,000-$130,000 per month.

RAM head of Real Estate, Will Gray said the group was reviewing a further $180m of possible transactions (story continues below).

“With these acquisitions we have again demonstrated our ability to source and secure primary healthcare assets that are highly sought after in a largely illiquid market,” he added.

“Pleasingly the latest assets encompass value-accretive investments with long-term potential for incremental development or repositioning which aligns well with our hands on active management approach,” according to the executive”.

“RAM’s healthcare portfolio has a blended WALE of circa 11 years and 97 per cent income exposure to primary healthcare offerings of private hospitals, day hospitals and medical centres”.

The acquisitions come six months since RAM paid New Zealand listed Vital Healthcare Property Trust $100m for three hospitals – Mayo Private in Taree and Dubbo Private, in New South Wales, and North West Private at Burnie.

The blended yield for those assets was 5.65pc.

The manager announced the Essential Services REIT last November.