Dexus, as part of its strategy to grow its presence in the healthcare sector, will buy a 10% stake in Heathley Healthcare REIT for A$37.3 million to become a cornerstone investor of the IPO-hopeful real estate investment trust.
The A$2.00-per-stapled-security investment forms part of a deal for an initial 28.5% stake that Dexus intends to buy in Heathley Ltd. for A$11.3 million. The impending stake buy comes with an option to further acquire a 21.5% interest in the external manager of the REIT.
Upon completion of the transaction, the listed property company will have a representative on the boards of Heathley and Heathley Asset Management Ltd., the responsible entity of Heathley Healthcare.
The listed property company plans to finance the investments using existing debt facilities, according to a news release.