Dexus is investing $180 million in an Australian Unity property trust, as it looks to tap into the latter's pipeline of healthcare property assets.
The Australian Unity Healthcare Property Trust holds 67 properties and is valued at $2.3 billion.
Dexus has come on board as a cornerstone investor in AUHP's $320 million raise announced today, with a $180 million investment.
Dexus will hold 7% of the pro forma issued equity in AUHPT and bought at $2.60 per unit, or a 16% premium to current net asset value.
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It will also have the opportunity to participate in the AUHP's $1 billon pipeline of greenfield and brownfield development opportunities.
"We are confident in the outlook for healthcare real estate and the investment in AUHPT provides us with an efficient way to increase our exposure to this attractive asset class at an appealing price," Dexus chief executive Darren Steinberg said.
"The broader relationship with Australian Unity provides an opportunity for us to accelerate our growing footprint in healthcare real estate and provides our funds and third party partners with additional investment opportunities."
Dexus said it will still push ahead with its own $1.1 billion Dexus Healthcare Property Fund. It expects the Australian Unity investment to be accretive to FY22 adjusted funds from operations and distributions per security.
Australian Unity is offering the remaining of $320 million raise as: a $120 million entitlement offer to existing AUHPT unitholders, and a $20 million placement to the AUHPT's responsible entity AUSH.
There is also a premium cash offer (PCO) priced at $1.4 to $2.29 per AUHPT unit for investors looking to get out of the trust.