- Release Date: 25/06/15 15:21
- Summary: GENERAL: VHP: Vital announces new development and strategic acquisition
- Price Sensitive: No
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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
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Ann: GENERAL: VHP: Vital announces new development and strategic acquisition
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