Ann: ASSET: VHP: Vital acquires Boulcott Hospital for $30.7m on...

• Release Date: 24/12/15 09:25
• Summary: ASSET: VHP: Vital acquires Boulcott Hospital for $30.7m on a 22yr lease
• Price Sensitive: No
• Download Document  3.83KB

					VHP
24/12/2015 09:25
ASSET
PRICE SENSITIVE
REL: 0925 HRS Vital Healthcare Property Trust

ASSET: VHP: Vital acquires Boulcott Hospital for $30.7m on a 22yr lease

Vital acquires Boulcott Hospital for $30.7m on a 22-year lease to ASX listed
Pulse Health Group

Vital Healthcare Management Limited ('Manager') the manager of Vital
Healthcare Property Trust ('Vital') today announced that it had conditionally
acquired the freehold real estate at Boulcott Private Hospital ('Boulcott')
in Lower Hutt, from Evolution Healthcare.

Boulcott acquisition supports long term commitment to New Zealand

Boulcott is a 38 bed private surgical hospital located in the city of Lower
Hutt, approximately 20 kilometres north of the Wellington CBD, servicing a
catchment of approximately 145,000 people. Boulcott has three operating
theatres, 29 inpatient beds, a nine-bed day surgery suite and an endoscopy
unit. Approximately 45 specialist consultants and surgeons provide services
across a range of surgical specialties, including orthopaedics, ophthalmology
and urology services. Importantly, Boulcott is directly adjacent to Hutt
Hospital, the major public facility for the region and will become Vital's
first asset co-located with a public hospital in New Zealand.

Vital will acquire Boulcott for $30.7m, representing an initial yield of
6.85%. Separately, Vital will also acquire an adjacent residential property
for $1.0m for future development.

Chief Executive of the Manager David Carr said "Boulcott directly aligns with
our stated scale and diversification strategy and complements the growth we
have experienced in Australia. We have prudently sought to acquire high
quality healthcare assets in New Zealand in recent years and Boulcott
delivers on that." Settlement is expected following receipt of regulatory
approvals, which is anticipated mid-2016.

Long term lease to Pulse Health Group (ASX: PHG) improves portfolio
diversification

Pulse Health Group ('Pulse') is a quality integrated health services provider
with 15  private hospitals, day surgeries, and rehabilitation facilities
across Queensland, New South Wales, Victoria and Western Australia. Pulse is
listed on the ASX and has a current market capitalisation in excess of
A$100m.

"The opportunity to enter into a long term partnership with Pulse at Boulcott
brings operator and real estate diversification benefits to Vital. Pulse has
articulated and executed on a clear growth plan in New Zealand and Australia
and we look forward to working closely with the Pulse team in the future"
said David Carr.

Pulse Managing Director & Chief Executive Officer Phillipa Blakey said "We
are excited about the opportunities the New Zealand market offers. Partnering
at Boulcott with a market leading healthcare real estate investor such as
Vital will assist Pulse in delivering the very best healthcare outcomes for
patients. I am sure this foundation partnership will benefit both Pulse and
Vital as it aligns with our respective growth strategies and desire to
provide quality healthcare services."

- 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:00275748 For:VHP    Type:ASSET      Time:2015-12-24 09:25:51