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  • Eight private oncology assets purchased for $110.3 million
  • Acquired land for development of Camden hospital
  • Construction expected to begin October 2021

Raising update

Back in April, HomeCo (ASX: HMC) announced the $500 million bookbuild for health focussed portfolio HealthCo would be doubled to $1 billion.

The portfolio will include hospitals, primary care, childcare, aged care, and life sciences; the new establishment will include both an ASX-listed real estate investment trust and an unlisted wholesale vehicle.

HMC today announced that the IPO process for the ASX listed portion of HealthCo had commenced and is on track for a 1H FY22 listing.

For the unlisted fund, HomeCo said it too is on track for its target of $1 billion, expecting an initial first close of at least half that by the end of this calendar year.

Acquisitions update

In May, the company had made significant headway, with acquisitions including Health Hub Morayfield (Queensland) for $110 million, and two childcare acquisitions: one in Woolloongabba, Brisbane, Queensland, and the other in Five Dock, in the inner west of Sydney, NSW for a total of $23.2 million.

HomeCo has today announced that the portfolio will soon welcome eight private oncology assets, and soon to be constructed private hospital in Camden, New South Wales.

Acquired for $110.3 million, the eight oncology assets are with triple net leases from GenesisCare; HomeCo said the assets will have a weighted average passing yield of approximately 4.5% and weighted average lease expiry of 10.7 years.

The Camden hospital development will be completed as a joint venture with Acurio Health Group, and sit on a five hectare site across three parcels of land in Camden, NSW.

The first stage includes a 78 bed integrated private hospital, the property will be leased to Acurio under a 15 year lease.

The second and third stages of the project will see the development of an integrated health and innovation precinct with a potential end value of $500+ million. The parcels of land have State Significant Development Approval for a mixed-use medical campus including approval for a large scale general hospital and biomedical facility.

HomeCo has agreed terms to fund at least $70 million of capex for the first stage of the development, with construction likely to commence in October this year.

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