King & Wood Mallesons (KWM) has advised Dexus Funds Management Limited (Dexus) on its conditional agreement to acquire a 10% cornerstone interest in a new stapled vehicle proposed to be listed on the ASX, Heathley Healthcare REIT (Heathley REIT).
Dexus's investment in the Heathley REIT will be for approximately $37.3 million, at a proposed issue price of $2.00 per stapled security. The Heathley REIT will comprise a portfolio of 42 Australian healthcare assets across five states.
Dexus will also take a 28.5% interest in the manager of the REIT, Heathley Limited (Heathley) valued at $11.3 million with an option to acquire a further 21.5% interest in the future.
KWM advised Dexus on both the property and corporate aspects of the acquisition, with the deal team led by partners Daniel Natale and Francesca Giorlando supported by senior associate Azlan Mohamed Noh and solicitor Robert Hill.
Commenting on the deal, Daniel Natale said: "KWM has a longstanding relationship with Dexus and we are pleased to have been able to assist in yet another transaction in the healthcare property space."
Previously, KWM assisted Dexus in the launch of the Healthcare Wholesale Property Fund in December 2017.