VHP
28/09/2012 11:50
ASSET
REL: 1150 HRS Vital Healthcare Property Trust
ASSET: VHP: Vital settles asset sales and commences new development
28 September 2012
Vital Healthcare Management Limited (the 'Manager'), the manager of Vital
Healthcare Property Trust ('Vital') today announced that it had settled the
sales of Pitman House in Point Chevalier and 188 Health Centre (Eastmed) in
St Heliers totalling NZ$13.6 million and will commence a A$6.1 million
development project at Mayo Private Hospital ('Mayo') in Taree, New South
Wales.
Mayo Private Hospital is a 61 bed private hospital approximately 170km
northwest of Newcastle and operated by Healthe Care Australia Pty Ltd. Mayo
specialises in surgical, acute medical, post natal and rehabilitation
services.
As noted when the property was acquired in December 2011, the site had
existing development approvals for future expansion to meet both current and
future demand for healthcare services in the region. The development includes
construction of a third operating theatre, 24 additional single bed rooms (to
85) and a new stand-alone medical centre with additional car parking to cater
for the new medical centre. The works are planned to be completed early 2013
and on completion will generate a forecast return of circa 10%.
Chief Executive of the Manager, David Carr said "the Mayo development will
improve the quality and value of the asset and help drive operational
benefits and efficiencies for Healthe Care. Furthermore, it again
demonstrates Vital's ability to improve portfolio performance and deliver
enhanced returns to unitholders."
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd, Telephone 09 973 7301, Email
[email protected]
Stephen Freundlich, Fund Analyst & Investor Relations Manager
Vital Healthcare Management Ltd, Telephone 09 973 7303, Email
[email protected]
With a portfolio value of over NZ$562m, Vital Healthcare Property Trust
(NZSX: VHP) is Australasia's largest listed investor in medical and
healthcare property infrastructure. With an expert understanding of the needs
of healthcare tenants on both sides of the Tasman, we actively select,
develop and manage quality properties to meet the growing demand for medical
and healthcare services. Our 106 tenants, in 23 properties, provide essential
healthcare services to thousands of patients while also undertaking research
and providing support services that will make a difference to many more lives
in the future.
The Manager of Vital Healthcare Property Trust, Vital Healthcare Management
Limited is owned by NorthWest Value Partners Inc., a private real estate
investment firm based in Canada with healthcare real estate interests in
Canada, Australia, New Zealand, Brazil and Germany.
End CA:00227880 For:VHP Type:ASSET Time:2012-09-28 11:50:24
