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Health deal: Funds house Real Asset Management has settled the acquisition of a new healthcare precinct

Originally appeared in The Australian.

Health deal

Funds house Real Asset Management has settled the acquisition of a new healthcare precinct in the inner suburb of Nundah showing the strength of the healthcare market.

RAM paid $51.25m for the property spanning more than 1ha, which is anchored by a 58-bed private mental health hospital on a new 25-year lease to operator iMH, a joint venture between Aurora and Medibankʼs Amplar Health.

The facility will help alleviate Brisbaneʼs shortage of mental health beds and allow the operator to implement a new model of care combining in-hospital and at-home/in-community services.

Located at 20 Nellie St, the sale was handled by RWC Medical agents Franz Stapelberg, Chris Meyer, and Jess Meyer on behalf of Smada Group.

The whole property comprises four buildings and healthcare operators within the precinct including Lumus Radiology, Lvy Dental and Lvy Medical, creating a comprehensive healthcare ecosystem.

Mr Stapelberg said the sale highlighted the thriving demand for specialised healthcare properties in the region.

The asset now forms part of a RAM fund, which is looking to invest up to $1bn in Australian healthcare real estate in the near term.

“Nundah is an excellent example of the deal origination philosophy that we are pursuing for our healthcare real estate strategy, which involves a bottom-up approach in originating opportunities in collaboration with our operating partners,” RAM executive director Matthew Strotton said.

He said there had been a surge in demand for mental health services throughout Queensland. “Estimates of the stateʼs mental health bed shortage range between 400 and 2100, so there is a huge opportunity to supply the gap,” Mr Strotton said.

RAM funds management director Sam Wood said its Healthcare Opportunity Strategy sought to invest in demand-driven opportunities when they presented themselves.

“We worked closely with our partner, iMH to identify a suitable site for a new facility that would offer them space to implement their innovative model of care,” he said.