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Vital Healthcare buys two properties for A$7.8M to expand Australian development

By Paul McBeth

Oct. 23 (BusinessDesk) – Vital Healthcare Property Trust, the listed hospital owner and developer, has bought two parcels of land which it plans to develop to expand Lingard Private Hospital and Toronto Private Hospital, both in New South Wales, Australia.

The property investor spent A$7.8 million for a 2,700 square metre property next to its Lingard site and 1,250 square metres of vacant land beside the Toronto hospital, Vital Healthcare’s manager said in a statement.

The Lingard property consists of 16 leased residential units which chief executive David Carr said will be developed for medical and healthcare activities in the medium term, while the Toronto land will be used to expand existing facilities at that hospital.

Vital Healthcare is investing in private hospital facilities in New Zealand and Australia as it expects demand to increase from an ageing population, a rise in chronic disease and higher patient expectations. About 47 percent of Australians have private health care cover for hospitals, compared to about 30 percent of New Zealanders.

The trust’s units gained 0.6 percent to $1.74, and have advanced 10 percent this year.