Dexus has sold the North Shore Health Hub, Stage 1, currently under development at 12 Frederick Street, St Leonards, on a fund-through basis to Healthcare Wholesale Property Fund (HWPF).
Dexus said in ASX-release, the compnay will continue to manage the development for total revenue of circa $224 million.
The North Shore Health Hub comprises a state of the art healthcare facility across 16,000 square metres with 50% of the facility already pre-committed. Dexus retains exposure to the property via its ownership in HWPF.
The sale is expected to contribute circa $18-22 million in trading profits pre-tax, which will be realised across FY20 and FY21, with the amount for each financial year dependent on the progress of the development and leasing.
Darren Steinberg, CEO of Dexus said: “We are pleased to have been able to work with HWPF to secure another high quality healthcare asset. Dexus retains an exposure to this facility via our interest in HWPF, while generating trading profits for Dexus investors.”