- Three Dexus* funds acquired a combined 30.58% interest in Celsus
- Celsus manages and maintains the Royal Adelaide Hospital working under a PPP
- Dexus' Community Infrastructure Fund alone now holds a 58.69% stake in Celsus
Dexus has announced a trio of deals that saw the acquisition of an additional 30.58% interest in Royal Adelaide Hospital PPP.
Dexus Community Infrastructure Fund (CommIF), Dexus Healthcare Property Fund (DHPF) and AMP Capital Core Infrastructure Fund* (CIF) have acquired a combined 30.58% interest in Celsus Holding Pty Ltd (Celsus).
Working under a Public-Private Partnership (PPP), Celsus manages and maintains the Royal Adelaide Hospital.
The trio of deals brings the total stake in Celsus held by Dexus funds to 72.79%.
Dexus CEO, Darren Steinberg, says the company is proud to be partnering with the government and SA Health in delivering critical healthcare infrastructure for the community.
“This further investment into Royal Adelaide Hospital provides our funds investors with a unique opportunity to grow their exposure to healthcare in an asset that we understand and have owned for a number of years,” Steinberg says.
“This takes exposure to healthcare on the Dexus platform to more than $3 billion.”
Darren Steinberg, Dexus CEO
Royal Adelaide Hospital is managed under a 35-year PPP between Celsus and the South Australian Government.
SA Health provides Clinical Services at the 800-bed hospital, which encompass clinical services, training, and research facilities aimed at providing advanced patient care of superior quality.
CommIF holds 58.69% stake in Celsus
Since acquiring its initial stake in Celsus in April 2021, Dexus’ Community Infrastructure Fund (CommIF) has been steadily increasing its investment in the company.
With the latest acquisition, the fund now holds a 58.69% stake in Celsus.
CommIF specialises in investing in brownfield, high-yield social PPP assets in various sectors including education, health, justice, water, transport, and recreational facilities in Australia and New Zealand.
The fund currently holds 18 assets with a combined value exceeding $6.0 billion, based on its proportional ownership.
DHPF acquires 9.95% stake in Celsus
For DHPF, Dexus’s healthcare property fund, the 9.95% stake in Celsus, further diversifying the fund’s investments to include a PPP.
As of 31 December 2022, DHPF owns approximately $1.8 billion worth of properties (based on completion value), which includes distinctive and sizable assets that offer stable income profiles. These assets are primarily tenanted by reputable healthcare operators with strong credentials.
CIF takes 4.15% interest
The Dexus-owned, AMP Capital Core Infrastructure Fund, CIF has taken a 4.15% interest in Celsus. This also represents the fund’s first exposure to healthcare infrastructure PPPs.
CIF offers individual investors an opportunity to invest in unlisted infrastructure assets that are usually accessible only to large institutional investors, as well as listed infrastructure companies.
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* As noted by Dexus in a statement, the company recently acquired AMP Capital’s real estate and domestic infrastructure equity business. Following the acquisition, Dexus intends to change the legal name of certain funds and responsible entities to reflect Dexus branding.
