UK - Morley Fund Management is to open its Quercus Healthcare Property Partnership Fund to schemes to capitalise on the growing demand for private healthcare facilities.
The specialist fund, which was established in 1998 with property developer Quintain Estates and Development – has £245m in assets under management. It invests in properties within the healthcare sector and Morley is seeking to raise an additional £205m for the fund.
Morley and Quintain said the ageing population and changes taking place in the NHS would increase demand for “quality” private healthcare facilities. As a result, the pair have opened the fund to external investors for the first time, in order to boost its purchasing power and ability to capitalise on the increased demand.
Morley head of specialist property funds Phil Clark (pictured) said: “The attractive projected investment returns and continued growth in the healthcare sector created a compelling business case to expand Quercus.
“New property investment opportunities are continuing to be created through health authorities increasing use of private sector healthcare operators, and we are actively seeking out the best of these opportunities for the fund.”
The fund has produced a 20% internal rate of return during the last three years and both Morley and Quintain are to commit a further £20m each to it. These equity commitments will be matched by £40m of debt. As a first step in the expansion of the fund’s assets, Morley has acquired a £28m portfolio of care homes.
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