New site for Vital Healthcare

Last updated 15:14 11/08/2014

Relevant offers

Industries

Queenstown swim coach Jane Hughes closes business after losing battles with council Fairfax New Zealand confirms bid but no discussions on possible sale Shanton in receivership again Edge of the Kiwi universe: the most remote businesses in New Zealand Demand for more mobile data on the rise Fairfax NZME merger: focus on plurality Pilots and technicians hot property as demand for air travel surges in China Watchdog won't hold conference on Sky/Vodafone merger Simon Gault buys into Cocavo coconut oil company Wilding and Co host Chinese marketers in Queenstown

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.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content