Sharechat Logo

Vital Healthcare buys private mental hospital in Sydney for A$30.3 mln

Tuesday 13th June 2017

Text too small?

Vital Healthcare Property Trust has continued its acquisition spree with the purchase of a private mental hospital in Sydney for A$30.3 million.

The Auckland-based property investor bought the 59-bed site called The Hills Clinic, which offers specialist inpatient programmes operated by Australian private hospital operator Healthe Care, which will sign a 30-year lease with Vital.

"The Hills Clinic is Vital’s fifth mental health hospital in Australia and its first in New South Wales and directly supports our scale and diversification strategy," Vital chief executive David Carr said in a statement. "The Hills site has expansion capability, with potential for an additional 24 beds, which fits nicely with Vital’s philosophy of supporting its operating partners as population growth and wider demand for mental health services increases over time."

The hospital and healthcare property developer and investor has been expanding and diversifying its portfolio since it raised $160 million in a rights issue last year. It's betting demand for its properties will grow with an ageing population and increased demand for healthcare.

The acquisition is expected to settle in July.

Vital's NZX-listed units rose 0.5 percent to $2.235, having gained 10 percent so far this year.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report