Vital Healthcare buys Tauranga hospital for $95m

Wed, 25 Nov 2020

Vital Healthcare Property Trust has bought the Grace Hospital in Tauranga for $95 million in a deal that will provide it with a 5.25 percent rental yield.The 51-bed, 11-theatre hospital was purpose-built in 2007 and will be leased to a joint venture between Evolution Healthcare, formerly Acurity Health, and Southern Cross Hospitals for 30 years on settlement.As part of the purchase, Vital will support the hospital's $50 million growth plan to be built over the next five years.Aaron Hockly, who heads the company managing Vital, said it was t...

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