ING spends big on health

ING Management Limited has forked out more than $45 million on two healthcare properties on behalf of its Real Estate Healthcare Fund.

Listed in May last year, the ING Real Estate Healthcare Fund (IHF) has acquired the freehold interest in Queensland-based medical group Pacific Private Clinic and Victorian-based medical group Harvester Centre, for a combined total of $45.2 million. IHF will fund these acquisitions through a combination of debt and new equity.

Commenting on the purchases, IHF chief executive officer Miles Wentworth said both groups were positive acquisitions that enables ING to enter into a new asset class for its health fund.

“They diversify the fund’s profile into a new asset class in the form of the medical office sector, as well as diversifying IHF’s geographic and tenant profile,” Wentworth said.

Pacific Private Clinic is a six-year-old, six-storey facility, with 75 per cent of its tenants represented by subsidiaries of Healthscope, DCA Group and Symbion Health. Harvester Centre is a newly refurbished two level medical office building with 75 per cent of its tenants being government-owned or funded.

The IHF made its stock market debut on May 15 last year. The fund’s strategy is to invest in healthcare related property both locally and internationally. It is the only listed healthcare property trust on the Australian Stock Exchange.

ING Real Estate has a total business portfolio of more than $130 billion and offices in 21 countries in Europe, America, Asia and Australia.