- Centuria Capital Group (CNI) announces a new institutional healthcare partnership through a joint venture (JV) with an investment vehicle sponsored by Morgan Stanley Real Estate Investing (MSREI)
- The JV will be called Centuria Prime Partnership (CPP) and will comprise of a 90 per cent investment from MSREI and 10 per cent from Centuria
- CPP is seeded with three healthcare real estate assets collectively worth $210 million and is supported by strong tenant covenants and high-quality operators on long lease terms
- CNI shares are down 1.52 per cent, trading at $2.92
Centuria Capital Group (CNI) announced a new institutional healthcare partnership through a joint venture (JV) with an investment vehicle sponsored by Morgan Stanley Real Estate Investing (MSREI).
The JV will be called Centuria Prime Partnership (CPP) and will comprise a 90 per cent investment from MSREI and 10 per cent from Centuria.
CPP is seeded with three healthcare real estate assets collectively worth $210 million and is supported by strong tenant covenants and high-quality operators on long lease terms.
The seed assets include the $75 million Adeney Private Hospital in Kew, Victoria and the $96 million Westside Private Hospital in Brisbane, Queensland. The former received development approval and construction is expected to commence in June 2022.
“Since 2019, Centuria has significantly grown its healthcare AUM to approximately $1.7billion by focusing on healthcare real estate models of care that are cost-effective and deliver better patient care for our high-quality operational partners,” said Centuria Healthcare Managing Director Andrew Hemming.
“We will continue to focus on the acquisition of institutional-grade properties as well as developing out our $900 million healthcare pipeline.”
Centuria Joint CEO Jason Huljich believes that the JV is “another opportunity to utilise [Centuria’] strong in-house healthcare real estate capabilities”.
Centuria will act as CPP’s Trust Administrator, Property Manager and Development Manager.
CNI shares were down 1.52 per cent, trading at $2.92 per share at 3:05 pm AEDT.