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- Release Date: 17/12/13 11:59
- Summary: GENERAL: VHP: Vital secures 30 year lease with MercyAscot
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VHP
17/12/2013 09:59
GENERAL
REL: 0959 HRS Vital Healthcare Property Trust
GENERAL: VHP: Vital secures 30 year lease with MercyAscot
17 December 2013
Vital secures 30 year lease with MercyAscot
Vital Healthcare Management Limited (the 'Manager'), the manager of Vital
Healthcare Property Trust ('Vital') today confirmed that agreement has been
reached with Ascot Hospital & Clinics Limited ('MercyAscot') for a new 30
year lease at Ascot Hospital in Greenlane, Auckland.
David Carr, Chief Executive of the Manager said "The early resolution of this
lease expiry and the retention of New Zealand's leading private hospital
operator is testament to the long term partnership between Vital and
MercyAscot. To have resolved Vital's second largest medium term expiry and
extended MercyAscot's lease until 2043 is an outstanding result for the
Trust".
Andrew Wong, Managing Director of MercyAscot said "Whilst we considered
alternative options leading up to the expiry of the current lease, we are
pleased to have now made a long term commitment. It is a great outcome for
both parties and we look forward to our continued long association with Vital
at Ascot Hospital".
Mr Carr said "The new 30 year term is effective from 1 July 2013 and includes
annual CPI reviews and periodic reviews to market. As a result of the
successful conclusion of the negotiations and other recent portfolio activity
Vital's weighted average lease term to expiry is forecast to increase to 14.8
years as at 31 December 2013".
"Securing MercyAscot in advance of the current lease expiry further enhances
the stability and diversification of Vital's earnings" 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:00245280 For:VHP Type:GENERAL Time:2013-12-17 09:59:04
