Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Vital Healthcare buys Perth-based hospital for A$13.5M

Vital Healthcare buys Perth-based psych hospital for A$13.5 mln

By Paul McBeth

Aug. 11 (BusinessDesk) - Vital Healthcare Property Trust, New Zealand’s largest listed medical and healthcare property investor, has bought a 31-bed psychiatric hospital in Perth, Western Australia, for A$13.5 million, as it looks to beef up its exposure to the resources-driven state economy.

The property investor's manager, Vital Healthcare Management, said it has unconditionally purchased the Marian Centre hospital in Subiaco, Perth, which offers inpatient, outpatient services and therapy programmes. The purchase price provides an initial yield of about 8.5 percent, and will be funded from Vital's existing bank facility, which it renewed last month with an extra A$100 million, it said. Once the deal settles, Vital will embark on a A$10.8 million redevelopment over the coming year to more than double bed numbers to 66.

"This acquisition aligns perfectly with our strategy to acquire healthcare assets in established medical precincts and add further value by creatign capacity to meet patient and operator demand," chief executive David Carr said in a statement. "We see this transaction as a catalyst for further opportunities in the Western Australian market, wtih Vital now having a diversified presence in all six Australian states."

Units in the trust were unchanged at $1.35, and have gained 5.5 percent this year, outpacing the 3.4 percent gain in the NZX All Index over the same period. The stock is rated a 'hold' by four analyst recommendations compiled by Reuters, with a median price target of $1.39.

The hospital's operator will be Healthe Care, which has entered into a new 20-year lease for the property, with annual CPI reviews and market reviews every 10 years.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news