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Vital Healthcare details NZ$187M of property deals in fiscal H1

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Vital Healthcare details NZ$187M of property deals in fiscal H1

Vital Healthcare Property Trust acquired a number of properties for NZ$187 million in the six-month period ended Dec. 31, 2017.

In July 2017, the New Zealand-listed trust paid A$30.3 million for the two-story purpose-built Hills Clinic mental health hospital in the suburb of Kellyville in New South Wales, Australia. The property is leased for 30 years to Healthe Care.

In December 2017, Vital bought the Eden Rehabilitation Hospital in the town of Cooroy in Queensland, Australia, for A$23.8 million. The private rehabilitation hospital, which has future brownfield potential, is leased to Healthe Care Australia for 20 years.

Also in December, in New Zealand, Vital Healthcare received approval to buy the Wakefield and Bowen hospitals in Wellington and acquired the Hastings-based Royston Hospital from Acurity Health Group. The three assets have a combined price of NZ$122 million. In addition, the trust agreed to fund up to NZ$106.5 million of brownfield development at the hospitals over the next four years.

As of Feb. 26, US$1 was equivalent to NZ$1.37.