Centuria wins healthcare mandate for $500M

Centuria Capital Group (ASX: CNI) continues to grow its funds management opportunities with the announcement of a new $500M institutional mandate for healthcare properties. The mandate will involve the establishment of a new joint venture, the Australian Diversified Healthcare Fund (ADHF) which will be owned by Grosvenor Group, AXA IM with Centuria co-investing up to $15M as the portfolio grows. The Fund will be tasked with acquiring $500M of healthcare property assets and will initially be seeded by two assets totalling $88M, the Mater Private Hospital, Townsville QLD and the Westside Private Hospital, Brisbane QLD.

The Fund will be managed by Centuria Heathley, a new joint venture between Centuria and Heathley Limited, with Centuria owning a 63.06% interest. Centuria Heathley already manages over $600M of healthcare assets and the new mandate provides scope for this to increase to $1.1 billion, further increasing Centuria’s funds under management.