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Hall and Prior and Centuria Healthcare launch property partnership with acquisition of Tuohy Nursing Home

Centuria Healthcare Aged Care Property Fund No. 1 (CHACPF1) has recently acquired the 49-bed Tuohy Nursing Home in Midland, Perth and six surrounding properties.

Centuria Healthcare has partnered with Hall and Prior to collectively fund the redevelopment of the property into a new ~120-bed residential aged care facility.

In an asset class that is difficult to penetrate, the Tuohy acquisition is beneficial to investors for a number of reasons, notably:

  1. Partnership with a leading aged care provider: Hall and Prior is an experienced, highly regarded operator. The Tuohy acquisition is the first of an ongoing partnership with Hall and Prior, as Centuria Healthcare continues to have discussions on a number of other potential transactions
  2. Improved fund metrics: Increase in FY19 forecast distribution yield for HACPF1 from 7.0 cpu to 7.9 cpu, and improves diversification by tenant and location
  3. Growth of portfolio size: The successful completion of this settlement adds $12.45 million to CHACPF1 portfolio, resulting in the gross assets of the fund reaching $94 million.  This acquisition will be followed by an additional Hall and Prior property which we will announce shortly.