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Vital acquires Eden Rehabilitation Hospital for A$23.8m

Monday, 11 December 2017

Vital acquires Eden Rehabilitation Hospital for A$23.8m

Vital Healthcare Property Trust (Vital) announced today that it has acquired Eden Rehabilitation Hospital (Eden) in Cooroy, Queensland.  Eden is a private rehabilitation hospital leased to Healthe Care Australia (Healthe Care) for 20 years, with future brownfield potential.

Eden is a 48 bed private inpatient rehabilitation hospital and medical centre located in Cooroy, approximately 25 minutes inland from Noosa in Queensland. Eden has provided rehabilitation and medical care to Sunshine Coast residents for over 15 years.

The population of the Sunshine Coast is expected to grow at above the Australian national average over the next 10 years, with Eden well positioned as the only sub-acute stand-alone private rehabilitation hospital between Brisbane and Cairns.

Vital has agreed to a new 20 year lease with Healthe Care, Australia’s third largest corporate private hospital operator and pan-Asian healthcare services group.  The transaction builds further on Vital’s strategy to acquire private hospitals with long term leases to market leading operators with embedded growth potential.

Healthe Care and Vital expect to once again collaborate to deliver a brownfield development at Eden to meet the forecast increase in demand for healthcare services in the region.

Ongoing opportunities reflect depth of Vital’s relationships with its healthcare operating partners

Chief Executive of Vital’s Manager, David Carr said, “The Eden acquisition further reinforces Vital’s commitment to its scale and diversification strategy while working alongside our tenant partners to support their own long term growth aspirations.”

The acquisition settled on 8 December 2017.

 

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