The portfolio of New Zealand-based operator Heritage Lifecare has been snapped up by real estate funds manager Centuria Capital Group for NZ$291 million (around AU$276 million).
Heritage Lifecare will continue to operate the 38 villages under leaseback triple-net lease agreements. 13 will be owned by Australian-based Centuria Healthcare Property Fund (CHPF), while the remaining 25 will be owned by the new unlisted Centuria New Zealand Healthcare Property Fund (CNZHPF); together, the homes have more than 2,200 residents.
Andrew Hemming, Centuria Health’s Managing Director, says the Heritage sites are a valuable addition to Centuria’s existing portfolio of 18 assets.
“We are expanding the geographical diversification of CHPF with the fund’s first foray into the New Zealand healthcare real estate market.
“We believe demand for aged care real estate within New Zealand will continue to increase due to the undersupply of existing facilities and an increasing ageing population,” he said.
Owner Adamantem Capital put Heritage Lifecare’s portfolio on the market in October last year. Two of the 40 homes Heritage operates are not part of the purchase, as they are already owned by another company.
Centuria previously bought a controlling stake in aged care funder Heathley in 2019.
