Australia-listed real estate manager Elanor Investors Group said that an Asia-based institutional investor has recapitalised its A$289 million ($195 million) Elanor Healthcare Real Estate Fund, providing a full liquidity event for the fund’s investors.

The identity of the Asian investor was not disclosed, but IPE Real Assets reported that it was Permodalan Nasional Berhad (PNB), one of the largest fund management companies in Malaysia.

PNB most recently became an anchor investor in the Industrial Development Fund, an inaugural joint fund by Sime Darby Property Berhad and LOGOS Southeast Asia. The government fund is also a backer of regional platforms as well as domestic companies such as Grab, GoTo, IHH Healthcare, and Celcom Digi — the entity formed from the merger of telcom operators Celcom Axiata Berhad and Digi.com Berhad.

PNB manages about $79.4 billion worth of assets, as per data by the Sovereign Wealth Fund Institute.

Elanor said the recapitalisation transaction was done based on a weighted average portfolio capitalisation rate of 5.1%, which was in line with the independent valuation of the fund’s portfolio on 30 June 2022.

“The partnership establishes a new core mandate to invest in Australian healthcare real estate assets, focused on growing the fund and introducing additional institutional investors,” the firm said in its disclosure with the Australian Securities Exchange (ASX).

Elanor sees continued growth in demand for healthcare services, which is underpinned by Australia’s ageing population, driving strong demand for healthcare real estate, therefore attracting interest from both domestic and international investors.

Elanor established the fund in March 2020 and has grown its portfolio to six assets valued at A$289 million.

“The healthcare real estate sector continues to present compelling investment opportunities for our capital partners and strong funds management growth prospects for the group,” said Glenn Willis, CEO of Elanor.

Listed on the ASX in 2014, Elanor currently manages approximately A$2.8 billion in funds across Australia and New Zealand. Elanor’s key real estate sectors of focus are the commercial office, healthcare, retail and hotels, tourism and leisure sectors.