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Vital buys into Melbourne medical centre

NZN 20/11/2016 Tina Morrison

Hospital and healthcare property developer Vital Healthcare Property Trust has paid $A24.4 million ($NZ25.5 million) for a majority interest in a medical centre in Melbourne.

The Auckland-based trust acquired the controlling interest in the four-level Ekera Medical Centre in Box Hill in Melbourne, with a small number of individual strata units remaining in the private ownership of consultants, surgeons and doctors who practice from the units, it said.

It also acquired five sites adjacent to some of its other facilities in Australia for $A10m to allow for future expansion, it said.

Vital Healthcare raised $160m in July to help fund its growth strategy, and it says the medical centre in Box Hill is closely to a recently redeveloped 400-bed, 10-theatre public hospital and its own Epworth Eastern Hospital with 223 beds and 10 theatres.

Ekera's major tenant Imaging Associates accounts for about 40 per cent of the rental income, with other tenants including Sonic Healthcare, Monash IVF and Sportsmed Biologic.

Meanwhile, two of the additional sites it bought are in Victoria, two in New South Wales and one in Western Australia.

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