The rating gives advisers an independent view of the fund in a sector where demand for high quality purpose-built accommodation for people with high physical support needs continues to outpace supply.

Managing partner Tim Slattery said, “The assets we are investing in address the very real problem of bed block in Australia’s hospitals with an estimated 10% of hospital beds impacted. Here we see the potential for the asset class which not yet priced by institutional investors.

“We see a distinct parallel to healthcare real estate coming out of the global financial crisis in 2010 which was a very profitable investment.”

ASA Real Estate Partners opened the fund to wholesale investors and is raising $50 million of initial equity to acquire three newly completed assets in Dandenong, Preston and Werribee in metropolitan Melbourne, which are leased to the Equal Living Group on up to 20 year triple net leases indexed annually to CPI.

The assets provide ‘step down’ healthcare accommodation for Australians with life-changing injuries and conditions – those who cannot live long term in hospital but equally need care such that they can’t live at home.

People being cared for include members of the community who have suffered strokes, acquired brain injuries, motor neurone disease, multiple sclerosis and major physical trauma including quadriplegia and paraplegia. Each site combines long term places with short and medium term places and ground-floor allied health suites, and is operated by the Equal Living Group, a federally registered NDIS provider.

Core Property scored the fund four out of five stars for both management quality and asset quality, noting that it had reviewed the management team and considered “it has the relevant skills and experience to operate the Fund successfully”.

The three assets have been independently valued at a combined $50.7 million, and Core Property found the manager’s assumptions to be “in line with current market metrics and independent valuations”. The research house also placed the fund’s management fee at the low end of the range it sees across unlisted property funds.

Core Property’s report is also clear about the risks, noting that the fund should be considered illiquid, is suited to investors with a moderately high risk appetite and relies on the Equal Living Group continuing to run its business well.

Slattery added, “We really like alternative real asset sectors where the fundamentals of underlying occupier demand and clean cash flow are key value drivers.”

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Notes:
[1] The Core Property rating (assigned in October 2026) presented in this document has been prepared and issued by Core Property Research Pty Ltd (“Core Property”), which is an Authorised Representative ASIC number 1280479 of Core Property Research Holdings Pty Ltd (ACN 633 170 751, AFS License No. 518320) (Licensee), and trading as Core Property. Whilst the information contained in the report has been prepared with all reasonable care from sources that Core Property believes are reliable, no responsibility or liability is accepted by Core Property for any errors, omissions or misstatements however caused. Past performance information is for illustrative purposes only and is not indicative of future performance. The Core Property publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither Core Property nor the Participant is aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. The rating is subject to change without notice and Core Property assumes no obligation to update the report.

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