New site for Vital Healthcare

Last updated 15:14 11/08/2014

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Listed healthcare infrastructure fund Vital Healthcare Property Trust has bought a private psychiatric hospital in West Australia.

The trust's manager announced today announced that it had unconditionally acquired the property occupied by the Marian Centre psychiatric hospital in Perth for A$13.5 million (NZ$14.79m).

Vital said it would fund the purchase from existing debt facilities and after settlement would undertake a A$10.8m redevelopment programme, expanding the number of beds from 31 to 66.

Another operator, Healthe Care, would run the hospital.

"We see this transaction as a catalyst for further opportunities in the Western Australian market, with Vital now having a diversified presence in all six Australian states," the trust manager's chief executive, David Carr, said.

Vital Healthcare has a portfolio of Australian and New Zealand healthcare properties worth more than NZ$591m. It is managed by Vital Healthcare Management, which is owned by NorthWest Value Partners, a private real estate investment firm based in Canada.

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