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A$250M IPO expected for Heathley Healthcare REIT after Dexus investment

Heathley Healthcare REIT is expected to price its proposed A$250 million IPO on the Australian stock exchange at A$2 per security, The Australian Financial Review's Street Talk blog reported.

The real estate investment trust's reported aim for a roughly 6% yield from its listing comes after Dexus agreed to buy a 10% stake in the healthcare properties trust at a similar per-security price. The investment commitment with an aggregate value of A$37.3 million will also give the listed property company an initial shareholding of 28.5% in Heathley Ltd., the external manager of Heathley Healthcare.

The price, which will be considered during a unit holder meeting in early December, will allow the real estate investment trust to achieve a market capitalization of A$373 million, according to the Oct. 9 report.

Heathley Healthcare owns a A$528.4 million portfolio of 42 medical properties as of Sept. 1. Its 42 medical properties are leased to tenants including the Moelis Australia Ltd.-backed Infinite Care, Primary Health Care Ltd., Sonic Healthcare Ltd., Queensland Health Department and Mater, the publication added.

On its plan to launch a public float, the REIT will be assisted by UBS Group AG and JPMorgan Chase & Co.