VHP
23/12/2015 08:36
ASSET
NOT PRICE SENSITIVE
REL: 0836 HRS Vital Healthcare Property Trust
ASSET: VHP: Vital acquisitions and development at Sportsmed Private
Vital Healthcare Management Limited ('Manager') the manager of Vital
Healthcare Property Trust ('Vital') will acquire two small parcels of land at
Sportsmed Private Hospital in Adelaide, South Australia for A$5.2m and
undertake construction of a A$9.5m stand-alone medical consulting building.
Sportsmed Private Hospital ('Sportsmed') is a 49 bed private hospital and
associated clinic acquired by Vital in 2012 and operated by Sportsmed SA
Hospitals Pty Ltd ('Sportsmed SA') providing orthopaedic surgery and
ancillary healthcare services. It is located approximately four kilometres
north-east of the Adelaide CBD, in South Australia.
Vital has acquired two strategic sites adjacent to Sportsmed for A$5.2m. One
of the properties will see a redevelopment commence in early 2016 with Vital
undertaking the construction of a A$9.5m stand-alone medical consulting
building adjacent to the main hospital. The second acquisition is also
adjacent to the existing hospital property and currently comprises the
administration and executive offices of Sportsmed SA, with medium term
redevelopment potential to support clinical growth at Sportsmed.
On settlement of the acquisitions Sportsmed SA will enter into 20 year lease
terms and has also agreed to reset the existing hospital lease to 20 years
(currently 17 years).
Chief Executive of the Manager David Carr said "This development will allow
Sportsmed SA to deliver a full service offer to patients with radiology,
pathology, physio and additional medical consulting, supporting an already
full range of orthopaedic surgical activities at Sportsmed. It's great to
now move to the next phase of growth with the Sportsmed SA team which is
consistent with our 'creating capacity to meet demand' theme over recent
years."
Construction is likely to commence early 2016 with a 12 month construction
timeframe.
- 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$777m, 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 28 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:00275634 For:VHP Type:ASSET Time:2015-12-23 08:36:32
