VHP
25/06/2015 15:21
GENERAL
NOT PRICE SENSITIVE
REL: 1521 HRS Vital Healthcare Property Trust
GENERAL: VHP: Vital announces new development and strategic acquisition
Vital announces new development and strategic land acquisition.
Vital Healthcare Management Limited (the 'Manager'), the manager of Vital
Healthcare Property Trust ('Vital') today announced it will commence a
A$14.5m project at South Eastern Private Hospital. It also announced a
strategic land acquisition to support future development opportunities at
Lingard Private Hospital.
South Eastern Private Hospital - 60 new beds and additional car parking
South Eastern Private Hospital ('South Eastern') is a 107 bed private
hospital located in Noble Park, Victoria and operated by Healthe Care. South
Eastern currently offers rehabilitation services, medical oncology,
palliative and sleep services. The hospital is approximately 35 kilometres
south east of the Melbourne CBD.
In 2013, Vital completed a A$3.9m project which established rehabilitation
services on the property. The service has been very successful and grown
strongly due to underlying demand in the area. This new project will see
delivery of a further 30 new rehabilitation beds, 30 mental health beds and
79 car parks.
Over the last two years Healthe Care has further strengthened the business at
South Eastern as a rehabilitation focused facility complementing their nearby
hospital, The Valley Private. The introduction of a 30 bed mental health unit
will complete the sub-acute offering at South Eastern. David Carr, Chief
Executive of the Manager said "The development will deliver positive earnings
and portfolio benefits to investors and we are pleased to continue
strengthening our relationship with one of Australia's leading private
hospitals operators."
The forecast construction programme of 12 months provides for an estimated
completion date of June 2016.
Lingard Private Hospital - strategic property acquisition
Following substantial redevelopment over the last few years, Lingard Private
has become site constrained for further expansion. As a result, Vital has
strategically acquired a parcel of land opposite the hospital for A$3.0m.
Healthe Care has undertaken a master-planning exercise to determine potential
expansion options at Lingard Private. Until initial concept designs are
prepared and finalised, Healthe Care has agreed to a commercial lease over
the property for car parking purposes.
"We see this acquisition as an important demonstration of our continued
support of our operators and the long term growth in their business. We
indicated at our interim result that strategic incremental acquisitions like
this would likely continue in the future to protect the long term investment
both our hospital operator partners and Vital have in these strategic
assets." said Mr Carr.
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd, Telephone 09 973 7301
Email [email protected]
Stuart Harrison, Chief Financial Officer
Vital Healthcare Management Ltd, Telephone 09 973 7302
Email [email protected]
End CA:00266167 For:VHP Type:GENERAL Time:2015-06-25 15:21:52
