ISPT, HESTA and UniSuper join forces as co investment partners
Artist's impression
A partnership consisting of property fund manager ISPT, and super funds HESTA and UniSuper, as part of the Plenary Health consortium, led by investor and developer Plenary Group, have concluded a transaction to partner with UNSW Sydney to develop the circa $600 million Health Translation Hub (HTH) project in the heart of the Randwick Health & Innovation Precinct.
The deal will see ISPT (through the ISPT Core Fund), HESTA (through its healthcare property mandate with ISPT) and UniSuper (through its mandate and advisory agreements with ISPT) partner and co-invest 33.3 percent each in an ISPT investment vehicle holding the majority of the investment.
Luke Briscoe, Group Executive, Investor Solutions at ISPT said: “The newly established joint investment partnership allows ISPT to invest for and on behalf of our investors, and is central to ISPT’s renewed group strategy, which is to create and tailor bespoke investment structures and products to accommodate our investors’ evolving needs.
Our partnerships platform is focussed on bringing likeminded investors together to increase their direct exposure to unique investment opportunities in specialised sectors; with the HTH offering access to future growth companies including biotech, med-tech and research institutes to provide long-term value for our investors.
We are driven to partner with our investors and form compelling offerings that leverage our size and access to market via partnerships, supporting our investors’ aspirations to curate a high performing diversified portfolio.”
The deal underpins ISPT’s continued strength in the healthcare and life sciences sectors and ability to create bespoke investment vehicles on behalf of its investors such as HESTA and UniSuper, as it actively continues to seek exposure to emerging sectors. Construction of the HTH is forecast to begin in 2023, with completion due in 2025.
