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

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news