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Download RG97 Fees Disclosure, RG46 Disclosure and Quarterly Fund Update.
| Date | Continuous Disclosure |
|---|---|
| 10/02/25 | Centuria Healthcare has appointed Rod Owen-Jones as its new, permanent Healthcare Fund Manager, effective from Monday, 10 February 2025. For the past five years, Rod has been at the coalface of healthcare asset and property management as Centuria Healthcare’s Portfolio Manager. Rod brings more than 28 years of experience across Australian property and social infrastructure markets including investment management, capital transactions and leasing. Prior to Centuria, he held senior positions with industry peers including AMP Capital, Lendlease and Dexus. We thank Centuria Co-Head of Unlisted Funds, Stuart Wilton, for his interim management during the past four weeks. In his new role, Rod will continue to be supported by an extensive, experienced team, led by Centuria Healthcare Managing Director, Andrew Hemming in addition to Mr Wilton and Centuria Head of Funds Management, Jesse Curtis. |
| 05/02/25 | The Manager notes that the Weststate action is progressing through the litigation process. At the Court Review on 29 January 2025, the Court made orders in respect of the filing of material relevant to interlocutory applications and other interlocutory steps. The next review is scheduled for 21 February 2025, at which time it is anticipated that the interlocutory applications will be set down for hearing at a date to be determined by the Court. |
| 21/01/25 | As set out in the Fund’s PDS, the Manager determines the amount available to satisfy withdrawal requests in a quarter under the Fund’s Limited Quarterly Withdrawal Facility on the day before withdrawals for that quarter are processed. The Manager has determined that the amount available to satisfy withdrawal requests for the December 2024 quarter under the Fund’s Limited Quarterly Withdrawal Facility is $1.25 million, (which is 0.5% of the Fund’s NAV). Consequently, and in accordance with the Fund’s PDS, withdrawal requests under the Limited Quarterly Withdrawal Facility for the December 2024 quarter will be scaled back by 97.23%. Any withdrawal requests submitted during a quarter which are not satisfied, either in whole or in part, automatically roll over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 21/01/25 | The estimated quarterly liquidity facility available for the March 2025 quarter is 0.5% of the Net Asset Value. |
| 17/01/25 | As of Monday, 20 January 2025, Centuria Healthcare’s real estate funds will be managed by an interim Fund Manager, Stuart Wilton, following the departure of Vijitha Yogavaran. As Centuria’s Co-Head of Unlisted Funds, Mr Wilton brings more than 17 years of experience to this role. Centuria Healthcare has begun recruitment for a permanent Healthcare Fund Manager and we will provide an update shortly. Aside from the Fund Manager position, the on-going management and operations of all Centuria Healthcare assets remains unchanged. Mr Wilton will be supported by an extensive, experienced team, led by Centuria Healthcare Managing Director, Andrew Hemming. We thank Ms Yogavaran for her significant contribution towards the management of CHPF. |
| Date | Continuous Disclosure |
|---|---|
| 26/11/24 | The Manager notes that the Weststate proceedings are continuing through the litigation process. The Manager notes that the defendant (CHPF) filed its Defence on 18 October 2024 and its Response to the plaintiff’s (Weststate Private Hospital) Schedule A on 4 November 2024. The plaintiff filed its reply to the defendant’s Defence on 15 November 2024. At the Court Review on 21 November 2024, both parties sought leave to file applications in the proceedings for the following:
There was otherwise general agreement as between the parties in relation to timetabling of: responses relating to the defendant’s Defence; interlocutory application(s); and disclosure. |
| 17/10/24 | As set out in the Fund’s PDS, the Manager determines the amount available to satisfy withdrawal requests in a quarter under the Fund’s Limited Quarterly Withdrawal Facility on the day before withdrawals for that quarter are processed. The Manager has determined that the amount available to satisfy withdrawal requests for the September 2024 quarter under the Fund’s Limited Quarterly Withdrawal Facility is $1.3 million, (which is 0.51% of the Fund’s NAV). Consequently, and in accordance with the Fund’s PDS, withdrawal requests under the Limited Quarterly Withdrawal Facility for the September 2024 quarter will be scaled back by 96.7%. Any withdrawal requests submitted during a quarter which are not satisfied, either in whole or in part, automatically roll over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 02/10/24 | The estimated quarterly liquidity facility available for the December 2024 quarter is 0.5% of the Net Asset Value. |
| 23/09/24 | The Manager notes that the Weststate proceedings are continuing through the litigation process. The Court has ordered a timetable for filing of the:
The matter returns to Court for review on 12 November 2024. |
| 27/08/24 | The Manager notes that the Weststate proceedings are continuing through the litigation process. The plaintiff (Weststate Private Hospital Limited, the tenant) filed an amended statement of claim on 26 August 2024. The matter will return to Court in due course. |
| 07/08/24 | The Fund’s FY25 distribution guidance will be 3.00 cents per unit (annualised), a reduction from the FY24 distribution of 4.30cpu. Although the Fund’s distributable income increased as a result of lease surrender fees for Greenfields (paid by the tenant on 28 June 2024) and rent reviews, this was not sufficient to offset the impact of the following two items.
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| 31/07/24 | The estimated liquidity facility for September 2024 quarter is 0.5% of Net Asset Value. |
| 19/07/24 | As set out in the Fund’s PDS, the Manager determines the amount available to satisfy withdrawal requests in a quarter under the Fund’s Limited Quarterly Withdrawal Facility on the day before withdrawals for that quarter are processed. The Manager has determined that the amount available to satisfy withdrawal requests for the June 2024 quarter under the Fund’s Limited Quarterly Withdrawal Facility is $1.5 million, (which is 0.55% of the Fund’s NAV). Consequently, and in accordance with the Fund’s PDS, withdrawal requests under the Limited Quarterly Withdrawal Facility for the June 2024 quarter will be scaled back by 96.3%. Any withdrawal requests submitted during a quarter which are not satisfied, either in whole or in part, automatically roll over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 20/06/24 | The Manager notes that the Weststate proceedings are continuing through the litigation process. The plaintiff (Weststate Private Hospital Limited, the tenant) filed an amended statement of claim on 29 May 2024. The matter returns to Court for review on 16 July 2024. |
| 13/05/24 | The Manager notes that the Weststate proceedings are continuing through the litigation process. At a directions hearing on 2 May 2024, the Court ordered the plaintiff, Weststate Private Hospital Limited (the tenant) to file its amended statement of claim by 29 May 2024. The matter returns to Court for review on 6 June 2024. |
| 10/05/24 | Centuria Healthcare Property Fund (the ‘Fund’) has contracted to sell (subject to satisfaction of conditions) 50 Montsalvat Drive, Greenfields WA (100% direct interest). The settlement is expected prior to 30 June 2024. |
| 09/04/24 | The Fund has received withdrawal requests in excess of the redemption cap of $10m per annum for the March 2024 quarter. In these circumstances, when withdrawal requests exceed the cap, the Manager will scale back requests on a pro rata basis. As a result of the redemption requests, the quarterly cap has been met and the quarterly withdrawal facility has been scaled by 93.5% for the March 2024 quarter. Any withdrawal requests submitted during a quarter which are not satisfied, either in whole or in part, automatically roll over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 08/04/24 |
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| 26/03/24 | To secure additional funds for the payment of Weststate construction payments the Fund has issued $6 million worth of Acquisition Units to a related party. The Acquisition Units were issued at the prevailing issue price of $0.9011. Acquisition Units rank equally with the ordinary units of the Fund except that:
Acquisition Units provide related party access to capital before other Investors. Acquisition Units can be withdrawn at any time, including during the Fund Term and prior to Investors being able to withdraw their investment. Acquisition Units will rank equally with ordinary units, except that the proceeds from the issue of ordinary units to incoming investors may be used to withdraw any Acquisition Units in priority to the redemption of ordinary units. |
| 20/03/24 | The Fund has exchanged contracts for 120-122 Spencer Street, South Bunbury WA (100% direct interest) and 24 Sundew Rise, Joondalup WA (85% direct interest). The settlement is expected prior to 30 June 2024. The Fund owns direct interest of 85% in 24 Sundew Rise, Joondalup WA and also holds indirect interest in the property via Nexus Property Unit Trust. |
| 22/01/24 | The target distribution rate for the March 2024 quarter is 4.3 cents per unit (annualised).* |
| 22/01/24 | The estimated liquidity available for the March 2024 quarter is $2.5 million. |
| 17/01/24 | The Fund has received withdrawal requests in excess of the redemption cap of $10m per annum for the December 23 quarter. In these circumstances, when withdrawal requests exceed the cap, the Manager will scale back requests on a pro rata basis. As a result of the redemption requests, the quarterly cap has been met and the quarterly withdrawal facility has been scaled by 92.7% for the December 23 quarter. Any withdrawal requests submitted during a quarter which is not satisfied, either in whole or in part, automatically rolls over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 16/01/24 | As outlined in earlier continuous disclosure updates, the Fund has forecast to incur additional costs relating to the Fund’s investment in the development of Weststate Private Hospital. The Fund conducts regular valuations of the property portfolio for the purposes of unit pricing. In line with the Fund’s policies, the 31 December 2023 valuation includes costs adjustments relating to the dispute between the incoming tenant (Weststate Private Hospital) and the Fund. |
| 01/01/24 | The daily unit pricing for the Fund for 31 December 2023 is delayed and is expected to be finalised by mid January. The delay is primarily in relation to finalisation of the 31 December 2023 valuations. As a result of the delay in finalising the unit price, the distribution payment is expected to be delayed in January 2024. |
| Date | Continuous Disclosure |
|---|---|
| 15/12/23 | CHPF settled on the four GHA properties and 8-10 Warneford Street, Hobart. Please refer to the continuous disclosures dated 26/10/23 and 01/11/23 for further details on the divestments. |
| 01/11/23 | Centuria Healthcare Property Fund (the ‘Fund’) has contracted to sell 8-10 Warneford Street, Hobart for a net sale price of $7.04 million (100% interest) and this is higher than the current book value of $6.37 million. The property is expected to settle on 15 December 2023 and the proceeds will facilitate the Fund’s liquidity. The Fund owns 85% direct interest in the property and in addition has an indirect interest via Nexus Property Unit Trust. |
| 26/10/23 | CHPF has contracted to sell the 4 Group Homes Australia properties for a combined value of $16.007 million. The properties will settle on 15 December 2023 and the proceeds will facilitate the Fund’s liquidity. |
| 25/10/23 | The Fund recently participated in a mediation process relating to the Fund’s investment in the development of Weststate Private Hospital. The purpose of the mediation was to resolve a dispute between the incoming tenant (Weststate Private Hospital) and the Fund. As part of this process a memorandum of understanding was drafted to establish agreed commercial terms between the parties to resolve the dispute. The Developer has not yet been formally joined to the mediation however to reach final agreement with the tenant the Developer’s involvement will be required. The mediation process has unfortunately been temporarily suspended following the rejection of the proposed memorandum of understanding by the tenant. A meeting with the tenant and the tenant’s legal representative has been scheduled to discuss whether commercial terms can be agreed outside of the mediation process. Management will provide further updates as matters progress. It is expected further costs will be incurred to achieve practical completion and this may have an impact on future distributions and unit price. |
| 20/10/23 | The Fund has received withdrawal requests in excess of the redemption cap of $10m per annum for the September 23 quarter. In these circumstances, when withdrawal requests exceed the cap, the Manager will scale back requests on a pro rata basis. As a result of the redemption requests, the quarterly cap has been met and the quarterly withdrawal facility has been scaled by 92.3% for the September 2023 quarter. Any withdrawal requests submitted during a quarter which is not satisfied, either in whole or in part, automatically rolls over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 09/10/23 | The target distribution rate for the December 2023 quarter is 4.30 cents per unit (annualised).* |
| 09/10/23 | The estimated liquidity available for the December 2023 quarter is $2.5 million. |
| 13/09/23 | The Fund acquired Springwood Health Hub for a purchase price of $32.3 million and in addition a tenant incentive of $2.45 million will be paid. The WALE at settlement is 11.7 years with an occupancy of 100% (including rent guarantee). The property is anchored by a day hospital and includes a gastro clinic, GP, radiology, orthodontics and a fracture clinic. The funding of this direct property asset was generated by Centuria Capital stepping in and providing $34.6m to CHPF by way of redeemable preference units over “The Bond” Private hospital, an existing asset in the fund. The redeemable preference units have been issued with an 18 month maturity. The units must be redeemed at the issue price, therefore not materially changing CHPF’s economic exposure to the asset. The intent is to raise equity and divest select properties within the Fund over the next 18 months to paydown the redeemable preference units. In the event the Fund is unable to fund the reacquisition of the 49% interest in “The Bond” in 18 months, the Fund will then issue acquisition units to Centuria Capital. This will mean that Centuria will have an additional holding in the CHPF sitting alongside all current investors. The issuance of the redeemable preference units is forecast to be earnings accretive to CHPF. The Fund will provide further communication to investors post the sale campaign. |
| 03/08/23 | The Fund settled on strata lots GF01, GF02, 1.01, 1.02, 2.01, 2.02, 3.11, 3.12-3.13, 5.01 and B02 located at The Bond, 8 Elizabeth MacArthur Drive, Bella Vista NSW for a purchase price of $70.5 million. The secured tenants will provide oncology, fertility, child care and psychology services. |
| 26/07/23 | The target distribution rate for the September 2023 quarter is 4.30 cents per unit (annualised).* |
| 20/07/23 | The estimated liquidity available for the September 2023 quarter is $2.5 million. |
| 20/07/23 | The Fund has received withdrawal requests in excess of the redemption cap of $10m per annum for the June 23 quarter. In these circumstances, when withdrawal requests exceed the cap, the Manager will scale back requests on a pro rata basis. As a result of the redemption requests, the quarterly cap has been met and the quarterly withdrawal facility has been scaled by 89.9% for the June 2023 quarter. Any withdrawal requests submitted during a quarter which is not satisfied, either in whole or in part, automatically rolls over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 11/07/23 | The Fund has secured a new tenant for Level 4 of the Bloomfield Medical Centre with Ramsay Health Care committing to a 20-year lease with CPI-linked rent reviews with a cap of 3.5% and a collar of 2.5%. Ramsay’s tenancy will commence from Tuesday 11 July 2023. It will operate a private day hospital from the fourth level, which includes seven operating theatres and 26 beds. Ramsay replaces the former operator, Orange Private Hospital Pty Ltd (OPH), which entered voluntary administration on Tuesday 23 May 2023. The private hospital has continued to operate during the interim period under voluntary administrator Ernst & Young (EY). CHPF continues to explore a number of options for Level 3 of the medical centre, which was formerly occupied by OPH. |
| 10/07/23 | Weststate Private Hospital, the tenant for the hospital that is currently under development (fund through structure), are asserting that the dispute is now in a position where it should proceed to a formal mediation (rather than continue with settlement discussions). Weststate are proposing that a mediation of the dispute take place by 1 September 2023. Given the significant progress we have made in relation to the design issues concerning the construction of the hospital, the Manager will be proposing for the dispute to be heard by 1 October 2023 as we will require more time to resolve the matter prior to the medication if possible. This will minimise the cost for both parties. |
| 30/06/23 | The daily unit pricing for the Fund will be paused effective 30 June 2023 until the Fund’s net asset value can be accurately calculated based on current property valuations. The pause is primarily caused by the valuation of the Bloomfield Medical Centre in Orange being delayed due to ongoing leasing discussions with a hospital operator that we anticipate will conclude in early July. |
| 16/06/23 | The Fund is in the process of completing 30 June 2023 valuations and reviewing its FY24 distribution budget. The recent increases in interest rates may negatively impact valuations and future distributions. |
| 23/05/23 | Orange Private Hospital is the owner of a short-stay private hospital in the Bloomfield Medical Centre in Orange NSW. The medical centre forms part of Fund’s property portfolio. The March 2023 Quarterly Fund Update confirmed that the tenant is in rental arrears and Management has drawn on the bank guarantee and issued a breach notice to the tenant. Today, Orange Private Hospital appointed EY as voluntary administrators of the business. The Fund will participate in the administration process and seek to maximise outcomes for Investors. The tenant contributes ~5% of the portfolio income, and whilst no change to the distributions to June 23 is anticipated, the reduction of income will negatively impact future distributions. |
| 15/05/23 | The Manager is monitoring the arrears situation for Orange Private Hospital very closely and is in discussions with the operator to find a solution. The tenant is actively pursuing a number of options to resolve the situation and is in regular communication with the Manager regarding the status of those options. |
| 02/05/23 | The tenant at Weststate Private Hospital has disputed certain works and as a result we are undertaking a detailed review of the design of the hospital with the tenant and the developer. In addition, the inclement weather is delaying the project. This is expected to delay the project to November 23 from June 2023. The coupon income owing to the Fund from the developer will be accrued during the construction period. As a result of the delays and potential disputed works, there may be additional costs incurred by the Fund. However, the direct leasing to be undertaken with radiology, pharmacy and pathology may offset additional costs. If those additional costs are not able to be offset, then this may have an impact on distributions to the Fund. |
| 21/04/23 | We have reviewed and updated the Target Market Determination for the Fund. The updated TMD is available in the Fund’s website, within the Investor Centre section. |
| 05/04/23 | Over the past quarter, the Fund has received withdrawal requests in excess of the redemption cap of $10m per annum. In these circumstances, when withdrawal requests exceed the cap the Manager will scale back requests on a pro rata basis. As a result of the redemption requests, the quarterly cap has been met and the quarterly withdrawal facility has been scaled by 87.6% for the March 2023 quarter. Any withdrawal requests submitted during a quarter which is not satisfied, either in whole or in part, automatically rolls over to the following quarter, unless the Investor requests otherwise or the Manager suspends withdrawals. Any withdrawal requests rolled over to the next period (quarter) do not have priority, but form part of the pool of new withdrawal requests for that next quarter. |
| 03/04/23 | The estimated limited quarterly withdrawal facility available for June 23 quarter is $2.5 million. |
| 23/03/23 | The Fund has issued a breach notice to the Orange Private Hospital, which is a tenant of the Bloomfield Medical Centre. The tenant is currently $643,000 in arrears and in default of their lease. The Fund has drawn on the bank guarantee provided by the tenant. The tenant now has 14 days in which to make good the arrears and provide a new bank guarantee. The tenant contributes 6% of the Fund’s total rental income (5% when including the rental income of properties which the Fund has contracted to purchase). A further update will be provided at the end of the 14 day notice period. |
| 01/02/23 | The Manager has recently entered into call option agreements to acquire six healthcare properties from Centuria Healthcare Direct Medical Fund No.1 (CHDMF1) for a gross sale price of $87.5 million. The settlement of the properties will be subject to capital raising and will be staged. The portfolio is underpinned by high yielding assets underpinned by strong tenant covenants. |
| 09/01/23 | The estimated liquidity available for the March 2023 quarter is 0.5% of Fund’s NAV. |
| Date | Continuous Disclosure |
|---|---|
| 01/10/22 | The estimated liquidity available for the December 2022 quarter is 0.5% of Fund’s NAV. |
| 06/07/22 | The Fund has contracted to purchase Springwood Healthcare Hub located at 4 Paxton St, Springwood Qld for a purchase price of $28.7 million. The property will be acquired upon practical completion estimated in December 2022 upon reaching minimum leasing commitment of 65%. The property is expected to have a WALE of 4.9 years. |
| 01/07/22 | The estimated liquidity available for the September 2022 quarter is 0.5% of Fund’s NAV. |
| 20/05/22 | The Fund settled 168 Corfield Street, Gosnells for a purchase price of $11.26 million. The property is a single storey medical centre leased to Partnered Health with a WALE of 6.7 years. |
| 29/04/22 | The Fund settled on the land acquisition for 299 Scottsdale Drive, Robina Qld. The as-if complete value is $27.45 million and will have a 10.7 year WALE at practical completion. The initial yield of the property at completion is 4.75% with a coupon income of 5.00% during the fund-through period. |
| 21/04/22 | The Fund is contracted to acquire strata lots GF01, GF02, 1.01, 1.02, 2.01, 2.02, 3.11, 3.12-3.13, 5.01 and B02 located at The Bond, 8 Elizabeth MacArthur Drive, Bella Vista NSW for an estimated purchase price of $66.21 million. The property will have a WALE of 7.9 years at practical completion (Dec 22 quarter). The secured tenants will provide oncology, fertility, child care and psychology services. The final purchase price will be determined based on passing rent at settlement. |
| 13/04/22 | The Fund is contracted to acquire 168 Corfield Street, Gosnells for a purchase price of $11.26 million. The property is a single storey medical centre leased to Partnered Health with a WALE of 6.7 years. |
| 01/04/22 | The estimated liquidity available for the June 2022 quarter is 0.5% of Fund’s NAV. |
| 10/02/22 | The Fund settled WEST Medical HQ, West Lakes SA for a purchase price of $13.0 million at an initial yield of 6.04% and a 5.96 year WALE (including rental guarantees). |
| 10/01/22 | The estimated liquidity available for the December quarter is 0.5% of Fund’s NAV. |
| Date | Continuous Disclosure |
|---|---|
| 22/12/21 | The Fund has secured a property located at 50 Montsalvat Drive, Greenfields WA for a purchase price of $10.26 million for an initial yield of 5.15%. The property is expected to settle in May 2022 with a WALE of 9.5 years. The Property will be anchored by St John WA (Apollo Health) who will operate a full-service medical centre comprising GP consulting, dental, pathology, X-ray and procedure rooms. |
| 22/12/21 | The Fund has now settled 2 Lake Street, Varsity Lakes QLD, for a gross purchase price of $75.7 million. |
| 22/12/21 | The Fund has secured a fund-through acquisition of 299 Scottsdale Drive, Robina QLD for an as-if complete value of $27.45 million. The Property is expected to be completed by December 2022 and will have a 10.7 year WALE at practical completion. The initial yield of the property at completion is 4.75% with a coupon income of 5.00% during the fund-through period. |
| 21/12/21 | The Fund has now settled 77-97 Ricketts Road, Mt Waverley VIC, for $25.55 million. |
| 21/12/21 | The Fund has temporarily closed to applications. |
| 16/12/21 | The Fund has contracted to acquire 2 Lake Street, Varsity Lakes QLD, for a gross purchase price of $75.7 million at an initial yield of 4.50%. The modern, purpose-built day hospital is anchored by Queensland Health, providing a 6.6 year WALE and 100% occupancy (including rental guarantees). Facilities include six digitally integrated operating theatres, 24 consulting suites, physiotherapy, gym facilities, retail tenancies and a diagnostic imaging tenancy housing MRI, CT and X-Ray. Settlement is scheduled for December 2021. |
| 25/11/21 | The Fund has exchanged contract to acquire 77-97 Ricketts Road, Mt Waverley VIC, for $25.55 million. The Property is a value-add repositioning opportunity of an existing industrial facility into an ‘in vitro’ diagnostic manufacturing laboratory. The as-if complete value of the refurbished laboratory is $51.0 million at an initial yield on cost of 4.80%. The property will be c.90% leased (by GLA) to Paragon Care Ltd for a 15 year term. Settlement is scheduled for December 2021. |
| 29/10/21 | CHPF settled 49 Benaroon Crescent, St Ives NSW, for a purchase price of $3.3 million. The Property is 100% leased to dementia care provider Group Homes Australia on a on a 20 year lease, and a fully let passing yield of 5.00%. |
| 29/10/21 | CHPF settled 3 Garrick Road, St Ives NSW, for a purchase price of $4.0 million. The Property is 100% leased to dementia care provider Group Homes Australia on a on a 20 year lease, and a fully let passing yield of 5.00%. |
| 24/09/21 | The Fund has now settled 38-44 Gap Road, Sunbury VIC for $28.575 million at an initial yield of 4.49%. The property is 100% leased by a variety of health and health-related service providers with a WALE of 8.0 years. |
| 17/09/21 | Centuria Healthcare Property Fund is now temporarily closed for applications. The Fund completed the land acquisition of 2-14 Wilson Street, 2A Lamington Road and 763 Sturt Street, West End QLD (WestState Private Hospital) for $10.0 million. Weststate Private Hospital is a fund-through opportunity for a total purchase price of $60.5 million at an initial yield of 6.0%. The fund-through is a 5-storey architecturally designed, purpose-built hospital comprising four operating theatres, one procedure room, 19-day beds and 26 overnight beds, and brownfield development of existing building to consulting suites. The Property will have a 25-year WALE at practical completion and will be 100% leased to Weststate Private Hospital. |
| 13/09/21 | The Fund has exchanged contract to acquire 38-44 Gap Road, Sunbury VIC for $28.575 million at an initial yield of 4.49%. The property is 100% leased by a variety of health and health-related service providers with a WALE of 8.0 years. |
| 10/09/21 | The Fund settled 411 Nepean Highway, Frankston, VIC for a purchase price of $12 million at an initial yield of 4.9%. The property is 100% leased to Victorian State Government public health service, Peninsula Health, with a WALE of 7.8 years. |
| 09/09/21 | CHPF settled 275 Addison Road, Petersham NSW for $8.45 million at an initial yield of 5.1%. The property is 100% leased to Metro Rehab with a WALE of 12.8 years. Metro Rehab is 100% owned by Royal Rehab, a large, not-for-profit healthcare provider operating since 1899, and highly regarded for its specialist rehabilitation in brain injury and spinal cord injury. It also provides community and disability services. |
| 03/09/21 | CHPF settled Perth Clinic, West Perth WA for $50.1 million, at an initial yield of 4.05%. The property is 100% leased with a WALE of 11.6 years. Perth Clinic is Perth’s largest mental health hospital which has been operational since 1996. |
| 30/08/21 | Nicholas Collishaw has resigned from his position as Non-executive Director of Centuria Property Funds No.2 Limited. |
| 25/08/21 | The Fund has exchanged contract to acquire 275 Addison Road, Petersham NSW for $8.45 million at an initial yield of 5.1%. The property is 100% leased to Metro Rehab with a WALE of 12.8 years. Metro Rehab is 100% owned by Royal Rehab, a large, not-for-profit healthcare provider operating since 1899, and highly regarded for its specialist rehabilitation in brain injury and spinal cord injury. It also provides community and disability services. |
| 02/08/21 | Centuria Healthcare Property Fund will temporarily open for applications from 9 August 2021. |
| 22/07/21 | The Fund has exchanged contract to acquire Perth Clinic, West Perth WA for $50.1 million at an initial yield of 4.05%. The property is 100% leased with a WALE of 11.6 years. Perth Clinic is Perth’s largest mental health hospital which has been operational since 1996. |
| 16/07/21 | The Fund has exchanged contract to acquire 411 Nepean Highway, Frankston, VIC. The property is 100% leased to Victorian State Government public health service, Peninsula Health, on an 8-year lease. The property will be acquired for a purchase price of $12 million at an initial yield of 4.9%. |
| 12/07/21 | The estimated liquidity available for the December quarter is 0.5% of Fund’s NAV. |
| 01/07/21 | Jennifer Cook has been appointed as an Independent Non-executive Director of Centuria Property Funds No.2 Limited. |
| 15/06/21 | CHPF settled 18 Lisa Crescent, Castle Hill, NSW, for a net purchase price of $1.96 million. The Property will undergo development totalling $1.73 million and will be leased to dementia care provider Group Homes Australia on a 15-year lease, reflecting a fully let passing yield of 5.75%. During the development, the tenant will pay 75% of the fully let passing yield. |
| 11/06/21 | CHPF settled 35 Chiltern Crescent, Castle Hill, NSW, for a net purchase price of $2.0 million. The Property will undergo development totalling $1.74 million and will be leased to dementia care provider Group Homes Australia on a 15-year lease, reflecting a fully let passing yield of 5.75%. During the development, the tenant will pay 75% of the fully let passing yield. |
| 01/04/21 | The estimated liquidity available for the June quarter is 5% of the Fund’s NAV. The actual amount available to satisfy withdrawal requests is determined as at the day before the withdrawals are processed (i.e. after the end of the quarter). |
| 31/03/21 | CHPF has now settled Cairns Day Surgery, 156-160 Grafton Street, Cairns QLD, for a net purchase price of $21.6 million. |
| 12/03/21 | The Fund has now settled Coffs Harbour Medical Centre, 343 Pacific Highway, Coffs Harbour NSW for a purchase price of $23 million. |
| 15/02/21 | Centuria Healthcare Property Fund will temporarily open for applications from 11 March 2021. |
| 12/02/21 | Centuria Healthcare Property Fund has now contracted to acquire Coffs Harbour Medical Centre, 343 Pacific Highway, Coffs Harbour NSW for a purchase price of $23m. The settlement is anticipated on or earlier than 31 March 2021. |
| 11/01/21 | The estimated liquidity available for the March quarter is 0.5% of Fund’s NAV. |
| Date | Continuous Disclosure |
|---|---|
| 18/12/20 | The Centuria Healthcare Property Fund will temporarily not be accepting new applications effective 5.00pm 18 December 2020 and until further notice. The Fund’s limited quarterly withdrawal facility will continue to be available during this time. |
| 09/12/20 | The Fund acquired 85% direct interest in Sundew Day Surgery located at 24 Sundew Rise, Joondalup WA. The remaining 15% interest in the property will be owned by Nexus Property Unit Trust (NPUT). The property value (100%) for Sundew Surgery is $12.65 million. Please refer to section 3.13 of the PDS for more information on NPUT. Centuria Property Funds No. 2 Limited (Manager) as responsible entity of the Centuria Healthcare Property Fund (Fund) has entered into a co-owner’s agreement with Nexus Property Unit Trust in respect of Sundew Day Surgery. Under the co-owners agreement, no financial benefit is payable by the Fund. There are potential risks for investors associated with related party transactions, please see section 7 of the PDS for more details. More details of the Fund’s relationship with NPUT can be found in section 3.13 of the PDS. The co-owners agreement was subject to the Manager’s conflicts-of-interest policy and is on arm’s-length terms. A copy of the co-owners agreement is available by contacting the Manager at +61 2 8923 8923. |
| 01/12/20 | Notice of Unit Pricing Blackout Period – Centuria Healthcare Property Fund (CTR0438AU). Please note that there will be a unit pricing blackout period for the above-mentioned fund over the Christmas period for the following dates 29/12/2020 – 31/12/2020. The delayed prices will be provided between 4/1/2021 and 6/1/2021. |
| 04/11/20 | The Centuria Healthcare Property Fund will temporarily be accepting new applications effective 12 November 2020 until further notice. |
| 30/10/20 | The Fund acquired two properties, Hobart Day Surgery and Vermont South Medical Centre. CHPF now owns 85% direct interest in Vermont South Medical Centre and 15% indirect interest in the property via Nexus Property Unit Trust (NPUT). The property value (net, 100%) for Vermont South Medical Centre is $51.7 million. In addition, CHPF also acquired a 85% direct interest in Hobart Day Surgery which is valued at $5.6 million (100%). Please refer to section 3.13 of the PDS for more information on NPUT. Centuria Property Funds No. 2 Limited (Manager) as responsible entity of the Centuria Healthcare Property Fund (Fund) has entered into a co-owner’s agreement with Nexus Property Unit Trust in respect of Vermont South Medical Centre located at 645-647 Burwood Highway, Vermont South VIC and Hobart Day Surgery located at 8 Warnerford Street, Hobart TAS. Under the co-owners agreement, no financial benefit is payable by the Fund. There are potential risks for investors associated with related party transactions, please see section 7 of the PDS for more details. More details of the Fund’s relationship with NPUT can be found in section 3.13 of the PDS. The co-owners agreement was subject to the Manager’s conflicts-of-interest policy and is on arm’s-length terms. A copy of the co-owners agreement is available by contacting the Manager at +61 2 8923 8923. |
| 15/10/20 | The Fund acquired 85% direct interest in Bloomfield Medical Centre and 15% indirect interest in the property via Nexus Property Unit Trust (NPUT). The property value (net) for Bloomfield Medical Centre is $55.5 million. Please refer to section 3.13 of the PDS for more information on NPUT. Centuria Property Funds No. 2 Limited (Manager) as responsible entity of the Centuria Healthcare Property Fund (Fund) has entered into a co-owner’s agreement with Nexus Property Unit Trust in respect of Bloomfield Medical Centre located at 1521 Forest Road, Orange NSW. Under the co-owners agreement, no financial benefit is payable by the Fund. There are potential risks for investors associated with related party transactions, please see section 7 of the PDS for more details. More details of the Fund’s relationship with NPUT can be found in section 3.13 of the PDS. The co-owners agreement was subject to the Manager’s conflicts-of-interest policy and is on arm’s-length terms. A copy of the co-owners agreement is available by contacting the Manager at +61 2 8923 8923 . |
| 07/10/20 | The estimated liquidity available for the December quarter is 0.5% of Fund’s NAV. |
| 30/09/20 | The Centuria Healthcare Property Fund will temporarily not be accepting new applications effective 2.00pm 30 September 2020 and until further notice. The Fund’s limited quarterly withdrawal facility will continue to be available during this time. |
| 27/08/20 | The PDS is now available for investment. Access a copy of the PDS. |
Please download the appropriate form for the Centuria Healthcare Property Fund. All forms for existing investors and advisers are also available via Centuria Investor website.
| Distribution date | Distribution rate (cents/unit) | Payment notice for period |
|---|---|---|
| 10 December 2024 | 0.25000 | November 2024 |
| 11 November 2024 | 0.25000 | October 2024 |
| 10 October 2024 | 0.25000 | September 2024 |
| 10 September 2024 | 0.25000 | August 2024 |
| 9 August 2024 | 0.25000 | July 2024 |
| 26 July 2024 | 0.35833 | June 2024 |
| 11 June 2024 | 0.35833 | May 2024 |
| 10 May 2024 | 0.35833 | April 2024 |
| 10 April 2024 | 0.35833 | March 2024 |
| 11 March 2024 | 0.35833 | February 2024 |
| 9 February 2024 | 0.35833 | January 2024 |
| Distribution date | Distribution rate (cents/unit) | Payment for period |
|---|---|---|
| 10 January 2024 | 0.35833 | December 2023 |
| 11 December 2023 | 0.35833 | November 2023 |
| 10 November 2023 | 0.35833 | October 2023 |
| 11 September 2023 | 0.35833 | August 2023 |
| 10 August 2023 | 0.35833 | July 2023 |
| 21 July 2023 | 0.41667 | June 2023 |
| 9 June 2023 | 0.41667 | May 2023 |
| 10 May 2023 | 0.41667 | April 2023 |
| 11 April 2023 | 0.41667 | March 2023 |
| 10 March 2023 | 0.41667 | February 2023 |
| 10 February 2023 | 0.41667 | January 2023 |
| 10 January 2023 | 0.41667 | December 2022 |
| 09 December 2022 | 0.41667 | November 2022 |
| 10 November 2022 | 0.41667 | October 2022 |
| 10 October 2022 | 0.41667 | September 2022 |
| 09 September 2022 | 0.41667 | August 2022 |
| 10 August 2022 | 0.41667 | July 2022 |
To apply to become an Investor you should read the Product Disclosure Statement (PDS) in its entirety. Applications can be then made via the post or through our online application. For full details on how to apply please download or request a hardcopy PDS and follow the instructions. The minimum investment for units in the Fund is $10,000. Applications will be processed on a daily basis and unit confirmations will be sent thereafter.
It is intended that the Fund will pay distributions to investors on a monthly basis. Distributions will usually be paid into Investor’s bank accounts by the 10th day of the following month.
Investors will have the opportunity to participate in a distribution reinvestment plan (DRP) enabling them to reinvest some or all of their distributions as additional units in the Fund.
Please refer to Section 3 of the PDS for further details on the Fund’s distribution and DRP policies.
The Fund is an open-ended fund that will have a limited quarterly withdrawal facility available to investors. The Withdrawal Price applicable is the Unit Price on the last Business Day of the quarter less any applicable Sell Spread and is generally paid by the 21st day of the following month. Withdrawals from the Fund may be scaled back, delayed or suspended in certain circumstances, including where the Fund has insufficient liquidity. It is expected that withdrawals requests will be satisfied from the Fund’s cash or realisation of the Fund’s A-REITs.
Please refer to Section 3 of the PDS for further details on the Fund’s withdrawal facility.
The Fund may borrow to acquire Direct Property assets. The Fund may also invest in funds that are already geared. Gearing on a look-through basis will not exceed 55%. If the value of the Fund’s assets fall and look-through Gearing increases above this level, the Manager of the Fund will implement a strategy to restore the level of look-through Gearing to 55% or below. The Manager has a target look-through Gearing level of between 35%-49%.
The Fund’s valuation policy is for the direct properties of the Fund to be independently valued at least once every 24 months. However independent valuations are required within two months if the Manager of the Fund believes a Property is likely to be subject to a material increase or decrease in value (i.e. greater than 5%). Where an independent valuation has not been done, a Director’s valuation is carried out every 6 months.
Management fee: 0.80% per annum of the Fund’s Gross Asset Value. When the Fund invests in an underlying fund managed by the Manager of the Fund or a related entity that is already charging management fees, the Manager of the Fund does not take another fee that exceeds a total look-through fee of 0.80% per annum.
Expenses of the Fund (excluding Abnormal Expenses): capped at 0.35% p.a. of the Fund’s Gross Asset Value.
Performance fee: 20% of the outperformance of the Fund above a total return benchmark of 8.00% per annum (pre-tax, net of fees)
Establishment and placement fee: up to 2% of the total acquisition price of any property asset in which the Fund acquires a direct or indirect interest (multiplied by the Fund’s percentage of beneficial interest in that property). This excludes any agent’s fee paid by the Fund.
Sale fee:up to 0.50% of the sale price of any Property in which the Fund has a direct or Indirect Interest.
The Fund will issue annual tax statements, providing a full breakdown of all distributions for the financial year. It is anticipated that the tax statements will be sent to investors by early September each year. Investors should wait to receive this statement before lodging their tax return. Please contact your tax advisor should you have any questions on the information contained within this statement.
Tax deferred distributions are generally available when the Fund’s distributable income is greater than its taxable income. This arises as the Fund is able to offset the distributable income against items such as depreciation on plant and equipment, capital allowances on the building structure, interest and costs during construction or refurbishment periods, and costs of raising equity.
Tax deferred distributions are generally non-taxable when received by investors and, as a result, are not included in your tax return for the year. However, the amount received reduces the cost base of your units in the fund, meaning that the amount is assessed as part of the capital gain when you eventually sell/withdraw your units.
As a result of tax deferred distributions you have greater access to your distributions when they are paid, as well as being able to take advantage of capital gains tax concessions when you hold the units for more than 12 months.
The WALE is a commonly used term when looking at commercial property investments. It is the way of measuring the average time period in which all leases within a property, or portfolio, will expire. The WALE is calculated across all the tenants in a property and is weighted by either the tenant’s lettable area or the tenant’s income against the total combined area or income of the other tenants. A higher WALE indicates limited short to medium term vacancies, with a shorter WALE indicating possible multiple vacancies in the short to medium term.
Centuria Investor Services Team
1800 182 257
For international investors
Phone: +61 2 9290 9600
Email: Property.Enquiry@CenturiaInvestor.com.au
Fax: +61 2 9279 0664
Mail: GPO Box 3993, Sydney NSW 2001
Investors:
https://centuriainvestor.com.au
If you have not yet registered yourself for access to the Centuria Investor website, please contact our Investor Services Team via Property.Enquiry@CenturiaInvestor.com.au OR phone us on 1800 182 257.
Financial Advisers:
https://www.adviserserve.com.au
Please contact our Investor Services Team via Adviser.Enquiry@CenturiaInvestor.com.au OR phone us on 1800 182 257.
Yes, a transfer takes place when you decide to sell all or part of your investment to another person or entity. A transfer is a change of ownership of units within the same fund. Please seek financial advice.
Please note that when a transfer takes place, our registry treats this as a new holding, even if it is a simple name change with the same trustees or company directors. Therefore all banking details, tax file numbers, Australian business numbers (ABNs) and adviser details will need to be provided on the new transfer form.
If you have any questions in relation to the transfer of your units, or wish to receive a transfer form, please do not hesitate to contact our Investor Services Team. If you are an investor, please contact us via Property.Enquiry@CenturiaInvestor.com.au OR phone our team on 1800 182 257. If you are an adviser, please contact our Investor Services Team via Adviser.Enquiry@CenturiaInvestor.com.au OR phone us on 1800 182 257
For enquiries regarding your investment in this Fund and the Centuria Investor portal. Have your investor number ready.
P: 1800 182 257
For enquiries regarding the management of the fund, including performance, strategic direction and property portfolio.
P: 1300 224 424
