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In March 2022, our Diversified Property Investments business successfully divested from an Australian healthcare joint venture, held alongside two co-investors and managed by local specialist Centuria Heathley.
The joint venture was set up in 2018, acquiring income producing medical properties with attractive investment fundamentals, driven by an ageing demographic, growing healthcare demand and limited supply.
The venture’s assets provided essential medical and healthcare services to local communities and, through highly effective asset management, the buildings were sold with close to 100% occupancy and an average lease term of more than seven years. The investment delivered an annualised return of more than 22% over four years.