Vital Healthcare Management, the manager of Vital Healthcare Property Trust, has acquired Hurstville Private Hospital in Sydney, Australia, for A$12.3m ($12.7m).
The purchase was the result of an agreement whereby Healthe Care Australia acquired the operating business of the Continuum Healthcare Group and the Vital Healthcare Property Trust provided the financing for the acquisition of the land and buildings.
Healthe Care will enter into a new 20-year lease for the property, with annual reviews linked to the Consumer Price Index.
Vital Healthcare Management chief executive David Carr said, "We are pleased to have been able to again work closely with Healthe Care and structure an ‘off-market’ opportunity for the Trust’s first acquisition in Sydney."
Hurstville Private Hospital is approximately 20km south-west of the Sydney central business district and comprises a 79-bed, four theatre private hospital and associated specialist consulting rooms.
Construction of the property was developed in various stages, with the most recent works carried out in 2009.