Vital Healthcare gets green light
Vital Healthcare Property Trust has bought Acurity Health Group’s Royston hospital for $ 54 million, having got Overseas Investment Office approval to acquire two other hospitals in the private operator’s portfolio. Auckland- based Vital yesterday said it got OIO approval to buy Acurity’s Bowen and Wakefield hospitals in Wellington, which had been holding up the deal’s settlement, and added the Hastings hospital with plans to expand the Royston hospital. The expanded deal commits Vital to spend up to $ 106.5m developing the three hospitals, with Acurity signing up to 30- year leases on the sites. “Our agreement with Acurity to enter into a
30- year lease and commitment to an immediate development project at Royston affirms our combined vision to enhance Royston’s long- held reputation as a quality private hospital serving the Hawke’s Bay region,” said Vital chief executive David Carr.