Dexus Healthcare Property Fund Acquires Large-Scale Asset in Melbourne’s Biomedical Precinct
May 4, 2021 – Dexus Healthcare Property Fund (DHPF) has exchanged contracts to acquire Manning Building and Building 4, 399 Royal Parade, Parkville (Parkville) via an off-market process.
Located within the Melbourne Biomedical Precinct, the property comprises two of the five buildings at Monash University’s Parkville Campus which is home to Monash’s Faculty of Pharmacy and Pharmaceutical Science. The Faculty is ranked second in the world for pharmacy and pharmacology research.
The property was acquired for $138.7 million and is 100% leased to Monash University with a Weighted Average Lease Expiry of 12.4 years.
Dexus Executive General Manager, Funds Management, Deborah Coakley said: “This Parkville acquisition adds another large-scale, income-producing asset located in a world-class biomedical precinct to DHPF’s portfolio.
“This transaction continues our strategy to grow and diversify DHPF through the acquisition of high-quality developments and stabilised healthcare assets. There are further opportunities in Brisbane and Perth currently under review.”
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