Heathley suspends plans for $528M REIT listing after market downturn

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The property fund manager had been looking to raise around $224.6 million through a bookbuild last week but has deferred the planned IPO “given current volatility in global capital markets.”

According to The Australian, the group, advised by JPMorgan and UBS, could seek to secure pre-IPO funding to keep expanding its portfolio of medical centres and related properties before a potential return to seek a listing next year as it moves towards $1 billion worth of property.

As we reported earlier this year, Heathley has already begun a series of unlisted healthcare property trusts and aged care ventures, including Tamar Krebs’ innovative dementia home provider Group Homes Australia.

In 2016, the group committed $50 million to option the purchase and development of new dementia-focused homes with Group Homes.