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Vital acquires Hirondelle Private Hospital and adjacent development sites for A$23.5m

Thursday, 01 June 2017

Vital Healthcare Property Trust (Vital) today announced the off-market acquisition of Hirondelle Private Hospital, a rehabilitation hospital located in Sydney’s central metropolitan suburb of Chatswood. The hospital operator and tenant is Healthe Care, Australia’s third largest corporate private hospital operator and pan-Asian healthcare services group.

Hirondelle Private Hospital acquisition is on strategy

Hirondelle is a 53-bed private rehabilitation hospital located within Sydney’s lower North Shore suburb of Chatswood, approximately 10km north-west of the Sydney CBD. The recently refurbished hospital provides the north shore population with a modern rehabilitation facility including hydrotherapy pool.

Hirondelle will be leased to Healthe Care for 25 years with the hospital acquired on an initial yield of 6.00%.

Adjacent strategic acquisitions will support long-term value creation

Vital also acquired two adjacent residential sites and an option to acquire a third property for future expansion to meet forecast rising demand for rehabilitation services in the area.

Chief Executive of the Manager David Carr said, “The acquisition fits perfectly with Vital’s strategy to continue to support the growth initiatives of its partners. Furthermore it aligns with our scale and diversification strategy to enhance long-term value and underpin the delivery of sustainable distributions to investors”.

Settlement occurred yesterday.

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