GIC and NorthWest commit additional capital to Australian healthcare company | News

Canadian company NorthWest Healthcare Properties and its joint venture partner, GIC, have pledged to invest an additional 2.4 billion Australian dollars (1.6 billion euros) in their Australian healthcare platform.

This would bring their total commitment to the joint venture to more than A$6 billion, Northwest Healthcare Properties said in a Toronto Stock Exchange filing on its fiscal year 2021 results.

The pair are increasing partnership commitments by around 65%, with the “additional commitment of A$2.4 billion to be financed through debt and equity”, the filing said.

NorthWest’s President and CEO for Australia and New Zealand, Craig Mitchell, told IPE Real Assets: “We are focused on building real estate and healthcare infrastructure for Australia and New Zealand. There is a huge opportunity here as traders react to changing market conditions.

“NorthWest’s specialty is the development of large healthcare neighborhoods, where we merge the best medical experts and services and co-locate them in a neighborhood to provide the best possible level of healthcare to the local community.

“We will continue to focus on meeting demand in areas of population growth and material need, such as our recent announcements in areas like Campbelltown, Sydney and Geelong, Victoria.”

“Through our A$3 billion development pipeline in Australia and New Zealand, we will continue to focus on demand in areas of population growth, or where there is equipment underserved by facilities. critical for local communities across Australia,” he added.

NorthWest Australia, now the largest owner, manager and developer of healthcare real estate in Australia and New Zealand, established its joint venture with GIC in 2018.

He said the platform has more than 20 healthcare real estate assets across the country. The portfolio grew by 33% in the 12 months to December 2021.

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