Centuria Capital Group signed an agreement with Heathley Ltd. to establish a healthcare funds manager.

The deal to form Centuria Heathley Ltd. involves the $24.4 million acquisition of a 63.06% economic interest by Centuria Capital's Centuria Platform Investments Pty. Ltd. subsidiary in Heathley's property funds management platform. Centuria Heathley, which will focus on the healthcare property sector, has capacity to expand its AUM to about A$1.0 billion in the near term, according to a news release.

The transaction, which is expected to boost Centuria Capital's AUM to A$6.2 billion from A$5.6 billion, will be financed using the group's balance sheet. It is expected to close on or before Oct. 11, subject to the approval of Heathley's shareholders.