The RAM Essential Services Property Fund has acquired a healthcare facility at Bowen Hills, in Brisbane’s inner north, for $20.5 million, as it builds out the portfolio of the newly listed property trust.

The recently refurbished, privately owned medical building at 1/36 Edmondstone Road changed hands through an off-market deal on an initial yield of 4.74 per cent. While the deal was struck before the fund went public last month, it went unconditional subsequently.