Vital Healthcare pays $A24m for Melbourne medical centre
The Auckland-based trust acquired the controlling interest in the four-level Ekera Medical Centre in Box Hill in Melbourne.
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Hospital and healthcare property developer Vital Healthcare Property Trust paid $A24.4 million for a majority interest in a medical centre in Melbourne, Australia, and spent $A10 million acquiring sites to enable future expansion.
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 in a statement. It also acquired five sites adjacent to some of its other facilities in Australia to allow for future expansion, it said.
Vital Healthcare raised $160 million in July to help fund its growth strategy, and it says the medical centre in Box Hill is close 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% of the rental income, with other tenants including Sonic Healthcare, Monash IVF and Sportsmed Biologic. The building has a weighted average lease term to expiry of 4.2 years and reflects a blended yield of 6.75%, Vital said.
Meanwhile, two of the additional sites it bought are in Victoria, two in New South Wales and one in Western Australia.
Vital's units slipped 0.5% to $2.04, having gained 11% this year.
(BusinessDesk)
Tina Morrison
Mon, 21 Nov 2016
Mon, 21 Nov 2016
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Vital Healthcare pays $A24m for Melbourne medical centre
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