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Vital expands in Australia

NZ Newswire logoNZ Newswire 4/04/2017 Jonathan Underhill

Vital Healthcare Property Trust has acquired an aged-care facility and a hospital in Australia for $A27.6 million ($NZ29.9m), extending the buying spree it embarked on since raising $160m in a rights offer last July.

The company acquired the Grafton Aged Care facility in northern New South Wales with aged care partner, Hall & Prior, gaining a total of 83 beds in 43 rooms and two adjacent residential properties that can be used for expansion. Grafton was bought on an initial 20-year lease with Hall & Prior in a deal that settled on March 31, it says.

Vital said it has also simplified the ownership of Melbourne's Epworth Eastern Hospital with a six-year lease extension to 25 years. Vital built the hospital in 2005. Epworth is an Australian not-for-profit hospital operator based in the state of Victoria. That transaction also settled in March.

Separately the company said it settled the $33m purchase of Ormiston Hospital in Flat Bush south of Auckland's CBD, one of two acquisitions announced in February along with the Abbotsford Private Hospital, a 30-bed private mental health hospital in Perth for $A20m.

The latest acquisitions add to two medical office buildings in Sydney and Melbourne purchased for $A55m.

The units last traded at $2.06 and have gained about 2 per cent this year.

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