JLL (NYSE: JLL) today announced that it acted as exclusive advisor to Elanor Funds Management Limited as trustee for the Elanor Healthcare Real Estate Fund on the recapitalisation of the fund.

The A$289 million ($214 million) recapitalisation of the Elanor Healthcare Real Estate Fund (“the fund”) will provide a full liquidity event for investors in the fund and allow Elanor to expand its portfolio of healthcare real estate assets across Australia.

The recapitalisation was completed in partnership with an Asia-based institutional real estate investor. The fund was recapitalised on a weighted average portfolio capitalisation rate of 5.1%, with the partnership establishing a new core mandate to invest in Australia’s maturing healthcare real estate sector.

“Institutional investors see vast potential in Australia’s healthcare sector and the real estate assets necessary to support demand for evolving services. JLL is delighted to have advised Elanor on facilitating further expansion in their healthcare portfolio and enhancing the attractiveness of the fund to a wider catchment of international and domestic investors,” says Luke Prokuda, Head of Equity Advisory, Australia, JLL.  

The fund was established by Elanor in March 2020 with the goal of providing wholesale investors direct access to Australia’s resilient and income-generating healthcare real estate asset class. Since March 2020, the fund’s portfolio has expanded to include six assets with a cumulative value of A$289 million.

This transaction is the second fund recapitalisation JLL's Australian Equity Advisory team have exclusively advised on in 2022, following the Fort Street Real Estate Capital recapitalisation. In the past 12 months, JLL has advised on over A$1 billion (approximately $675 million) of fund recapitalisations with an equity value of over A$500 million ($338 million).

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JLL advises Elanor on healthcare fund recapitalisation A$289 million