Vital Healthcare Property Trust (NZX: VHP) Acquisition of Development Site in Melbourne

Tuesday 22nd December 2020

NorthWest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust, is pleased to announce that it has agreed terms to acquire a 5,330 square metre strategic development site at 17-23 Nelson Rd, Box Hill, Melbourne, Victoria, approximately 4kms east of Melbourne's CBD (Development Site).

Fully developed, the Development Site is expected to have a total value in excess of A$350m. This is in addition to Vital's existing investments in the Box Hill Health and Education Precinct which are expected to be valued at ~A$380m on completion of the current expansion of Epworth Eastern in late 2021.

The Development Site will be fully leased to Epworth Foundation from settlement as part of the current redevelopment and expansion of Epworth Eastern Hospital. Settlement is expected to occur in early 2021. All acquisition costs, including the A$29m,purchase price, will be funded from existing debt facilities taking pro-forma balance sheet gearing to ~33%.

Settlement of acquisition and sales

Further to the Manager's announcement on 24 November 2020, settlement the acquisition of Grace Hospital, Tauranga by Vital has occurred.

Further to the Manager's announcement of 26 November 2020, settlement of the sale of three regional Australian hospitals by Vital has occurred.

See the link below for more details:

Acquisition of development site in Melbourne

Source: Vital Healthcare Property Trust

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