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

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news