KKR-backed GenesisCare sells 8 clinics in Australia to HealthCo
Photo: Reuters
July 14, 2021
GenesisCare, a Sydney-headquartered independent provider of oncology services backed by private equity major KKR & Co, has agreed to sell eight oncology clinics in Australia to healthcare platform HealthCo for A110.3 million ($82 million).
According to a disclosure, GenesisCare will continue to operate the eight centres that HealthCo’s parent company, HomeCo, has agreed to acquire via sale-and-leaseback.
The acquisition price of A$110.3 million reflects a weighted average passing yield of approximately 4.5%, according to the announcement. It will be funded from cash and undrawn debt commitments.
“Today’s acquisition update further demonstrates our ability to source high-quality healthcare assets, which align to the model portfolio strategy for HealthCo,” said HomeCo managing director and CEO David Di Pilla.