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Centuria Heathley Ltd invests for $500m real estate portfolio
Corrs Chambers Westgarth has advised Centuria Heathley Limited on a joint venture aimed at creating a healthcare real estate portfolio.
Naomi Neilson
Firm: Corrs Chambers Westgarth (Centuria Heathley Limited)
Value: Undisclosed.
Area: Real estate.
Key players: The Corrs team was led by Fadi C Khoury and involved strategic input from banking, corporate and real estate practices, including partners Rommel Harding-Farrenberg and Andrew Lumsden.
Deal significance: AXA Investment Managers and Grosvenor Group will invest with Heathley in a property portfolio of specialist centres and day hospitals.
Heathley was approached by AXA Investment Managers to partner and to leverage their specialised funds management expertise in the growing medical property sector.
Separately, Centuria Capital Group acquired a 63.06 per cent economic interest in Heathley Limited and established the combined Centuria Heathley group, resulting in an unlisted funds platform to circa $1 billion assets under management.
Following four party negotiations among Heathley, Grosvenor, AXA and Centuria, the joint venture arrangement was modified to enable AXA’s participation in the specialist healthcare real estate investment strategy managed by Centuria Heathley.
Mr Khoury said: ”The transaction is an endorsement of the management team at Centuria Heathley, who we have supported in their business transformation over many years.”
“The significant investment reflects the strength of the strategic relationships developed by the firm with a range of specialist healthcare operators, and the importance of healthcare property as an institutional asset class.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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