Vi­tal Health­care gets green light

Weekend Herald - - Fran O’sullivan -

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.

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