Growthpoint Healthcare REIT has completed the R106.4 million acquisition of Johannesburg Eye Hospital in Northcliff, which has become the ninth asset and the second specialist healthcare facility in its portfolio.
The Johannesburg Eye Hospital has a 20-year history specialising in eye surgery and laser eye procedures. The transaction includes the Medwedge Stepdown facility.
Launched in 2018 as SA’s first unlisted REIT focused exclusively on healthcare real estate, Growthpoint Healthcare REIT has R3.8 billion of assets under management. After two-plus years of lost growth due to the impact the Covid-19 pandemic had on the healthcare sector, the REIT was asset-hungry, with cash on hand to invest.
Growthpoint Healthcare Property invests in licensed healthcare facilities that include acute, day and specialist hospitals, laboratories and biotechnology – such as pharmaceutical manufacturing and warehousing facilities.
“While there is an oversupply of private acute and multidisciplinary medical facilities in several areas, there is still a real need for specialist healthcare facilities,” said Dr LInda Sigaba, fund manager of Growthpoint Healthcare REIT.
Growthpoint Healthcare REIT distributes at least 90% of its distributable earnings to investors and targets ungeared returns of between 13% and 16% a year. Its loan-to-value ratio is only 17%, and it already ticks the boxes for an IPO and stock exchange listing, a statement said.
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