VHP
01/05/2012 08:30
ASSET
REL: 0830 HRS Vital Healthcare Property Trust
ASSET: VHP: VHP acquires Hurstville Private Hospital, Sydney
Vital Healthcare Management Limited (the Manager), the manager of Vital
Healthcare Property Trust (the Trust) today announced that it had acquired
Hurstville Private Hospital, in the St George district of Sydney, Australia.
Hurstville Private Hospital is approximately 20km south-west of the Sydney
CBD and comprises a 79-bed, four theatre private hospital and associated
specialist consulting rooms. The property was developed in various stages,
with the most recent works carried out in 2009.
The Trust will purchase the property for A$12.3 million, on an initial yield
of approximately 10% after acquisition costs. The acquisition will be funded
from the Trust's existing bank facility.
The purchase was the result of an agreement whereby Healthe Care Australia
Pty Ltd (Healthe Care) acquired the operating business of the Continuum
Healthcare Group and the Trust acquired the land and buildings. The site has
expansion capability and it is envisaged that the property will be developed
further to meet future demand for healthcare services in the area.
Healthe Care will enter into a new 20 year lease for the property, with
annual reviews linked to the Consumer Price Index. As a result of the
acquisition the Trust's weighted average lease term is forecast to increase
from approximately 11.2 years to 11.5 years.
"We are pleased to have been able to again work closely with Healthe Care and
structure an 'off-market' opportunity for the Trust's first acquisition in
Sydney" said David Carr, Chief Executive of the Manager.
- ENDS -
ENQUIRIES
David Carr, Chief Executive Officer
Vital Healthcare Management Ltd, Telephone 09 357 1818, Email
[email protected]
Stuart Harrison, Chief Financial Officer
Vital Healthcare Management Ltd, Telephone 09 363 2332, Email
[email protected]
About Vital Healthcare Property Trust
With a portfolio value of over NZ$550m, Vital Healthcare Property Trust
(NZSX: VHP) is New Zealand's largest listed entity investing in medical and
healthcare properties in Australasia. 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 124 tenants, in 25 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:00222369 For:VHP Type:ASSET Time:2012-05-01 08:30:10
