Australian fund manager Real Asset Management Group, on behalf of its new medical property fund, purchased the Miami Day Hospital and Medical Centre located in the country's Gold Coast region for A$11.25 million in an off-market deal, The Australian Financial Review reported.
The fund has already amassed approximately A$50 million of initial equity commitments from investors, with the Gold Coast asset being its first acquisition. Real Asset plans to grow the fund to hold a portfolio worth A$300 million, the same value as its Australian neighborhood retail center portfolio, which includes the Broadway Plaza in southwest Sydney, the Mowbray Market Place in Tasmania and the Ballina Central in the north coast of New South Wales.
Will Gray, the company's head of real estate, was cited in the Oct. 10 report as saying it has earmarked certain medical property assets to potentially buy, with a total value of roughly A$120 million. The company has plans to expand the fund's portfolio to A$150 million within 18 months, the report added.