New site for Vital Healthcare

Last updated 15:14 11/08/2014

Relevant offers

Industries

Retailers aggrieved over Goverment's delay on GST for small imports InternetNZ encourages broadband shoppers to look under the hood 'Grey' used imports to test Toyota NZ's recall repairs Sky TV customers won't be forced on to Vodafone, companies tell regulator Decision close on Okiwi Bay finfish facility Stuff is turning 16, and so is Ben New era for Lotus in New Zealand and Australia Laura Ashley closes NZ stores, owes creditors $2.3m Bic clicks into its 60th year in New Zealand Wellington businesses taking on accessibility challenge

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