ASX-listed real estate fund manager Centuria is seeking $121 million NZD from investors for its acquisition of 23 of Heritage LifeCare’s 38 homes.
The funding – with a NZ$10,000 minimum investment – will go to the unlisted Centuria NZ Healthcare Property Fund (Centuria NZ Healthcare), which will own the 23 homes and lease them back to Heritage as operator.
According to Centuria NZ CEO Mike Francis, the portfolio, valued at NZ$194.9 million as at 22 December 2021, is the biggest offering Centuria has ever brought to market.
“The intention of the Centuria NZ Healthcare fund is to grow over time and to increase investors’ exposure to a variety of healthcare real estate.
“All future investments will be strategically selected for their ability to continue to increase diversification within the healthcare real estate sector and contribute to the yield and capital growth of Centuria NZ Healthcare,” he said.
The 38 homes Centuria purchased from Heritage last year have approximately 2,200 residents between them.
