VHP
23/10/2015 14:34
ASSET
NOT PRICE SENSITIVE
REL: 1434 HRS Vital Healthcare Property Trust
ASSET: VHP: Vital announces two strategic acquisitions
Vital announces two strategic acquisitions adjacent to existing hospitals
Vital Healthcare Management Limited (the 'Manager'), the manager of Vital
Healthcare Property Trust ('Vital') today announced two strategic
acquisitions totalling A$7.8m adjacent to Lingard Private Hospital and
Toronto Private Hospital to support future development opportunities.
Lingard Private Hospital ('Lingard')
Vital has unconditionally acquired a 2,700 square metre property at 27
Hopkins Street ('Hopkins Street'), Merewether, Newcastle, NSW. Hopkins Street
is immediately adjacent to Lingard and comprises 16 leased residential units.
Lingard has undergone significant redevelopment and modernisation over recent
years which has increased capacity and demand for services. This investment
by Vital has delivered improved operational performance for Lingard's
operator, Healthe Care and strong investment returns to Vital. As at 30 June
2015 Lingard was independently valued at A$70.5m, an increase of
approximately A$18.2m over its carrying book value.
Chief Executive of the Manager, David Carr said "The rationale for the
Hopkins Street acquisition was straightforward. We expect that the strong
performance at Lingard and forecast growth in demand will drive the
development of the Hopkins Street site for medical and healthcare activities
in the medium term."
Settlement is expected to occur late November 2015.
Toronto Private Hospital
Vital has also settled the acquisition of a strategic parcel of vacant land
at 142 Brighton Avenue, Toronto. The land is immediately adjacent to Toronto
Private Hospital and Medical Centre ('Toronto') and has a site area of
approximately 1,250 square metres.
Mr Carr said "Like with the Hopkins Street property adjacent to Lingard, it
is anticipated that over the medium term the Brighton Avenue site will be
developed to expand existing services at Toronto and pending development, the
land is leased to Healthe Care."
- 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]
About Vital Healthcare Property Trust
With a portfolio value of over NZ$780m, Vital Healthcare Property Trust
(NZSX: VHP) is Australasia's largest listed investor in healthcare real
estate. Tenants include hospital operators and healthcare practitioners who
deliver a wide range of medical and healthcare related services. Vital
currently has a portfolio of 25 properties with 79% by value located in
Australia and the balance in New Zealand. The Manager of Vital Healthcare
Property Trust is Vital Healthcare Management Limited.
End CA:00272271 For:VHP Type:ASSET Time:2015-10-23 14:34:12
