The raising was upsized from $600 million following the strong response from retail and institutional investors.

The REIT will invest in a diversified portfolio of healthcare assets including hospitals, aged care facilities, childcare facilities, medical centres and life science hubs.

Equity Trustees was appointed as custodian for the listed fund and currently acts as custodian for the HomeCo Daily Needs REIT (ASX:HDN), which owns convenience-based assets focused on neighbourhood, large format retail and health and wellness tenants in areas with access to densely populated trade areas.

The initial portfolio of the REIT will consist of 27 seed assets with a fair value of $555 million^[1], which includes tenants such as the Commonwealth and Queensland governments, GenesisCare, Acurio Health Group and Guardian Childcare.

Commenting on the launch, Sten Silavecky, Senior Manager, Structured Finance and Property, Equity Trustees said: “Equity Trustees is pleased to be working with HomeCo again to bring this exciting property fund to market.

“In response to strong client demand in recent years, Equity Trustees has continued to build the scale and expertise to work with some of the largest property trusts in the market.”

Equity Trustees currently acts as a responsible entity, trustee, bespoke custodian and escrow agent for a broad range of property trusts across Australia and New Zealand, acting on behalf of property funds with a total of $2.5 billion of assets.

———-

[1] Based on independent valuations as at 31 August 2021 for all properties in the portfolio excluding 10 assets which are valued at purchase price.

The post HomeCo’s new REIT to tap into growing healthcare sector appeared first on AdviserVoice.