Dexus Healthcare Property Fund (DHPF) has announced the acquisition of Arcadia Pittwater Private Hospital and day rehabilitation facility in Sydney.

DHPF acquired the property in an off-market transaction for $50.5m. The latest acquisition adds another quality asset to the growing portfolio of the company.

The five-level private sub-acute rehabilitation hospital Arcadia Pittwater is located in Warriewood on the Northern Beaches of the country.

Dexus Healthcare Property fund manager Jemma Maddick said: “Arcadia Health Care is a well-established healthcare operator, and we are pleased to welcome this new relationship onto the Dexus platform.

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“This acquisition will deliver another quality asset with a stable income stream for DHPF and continues our strategy to grow and diversify the fund through the acquisition of high-quality developments and stabilised healthcare assets.”

Completed in 2018, the hospital was purpose built for Arcadia Health Care and comprises 85 beds, consulting suites, physiotherapy space as well as a hydrotherapy pool.

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Arcadia Pittwater is completely leased to Arcadia Health Care with a weighted average lease expiry of 26.5 years.

Additionally, there is an opportunity for future brownfield expansion.

Arcadia Health Care CEO Harry Pannu said: “We welcome the acquisition of Arcadia Pittwater by Dexus, with whom we share a vison for the delivery of premium health care assets and best in class clinical outcomes.”

With this acquisition, DHPF’s funds under management will increase to more than $1.3bn across nine assets. It follows around $600m of healthcare acquisitions in FY21.

DHPF achieved a total return of 18.1% (post fees) to 30 June 2021 for 12 months.