New Zealand-listed Vital Healthcare Property Trust (VHPT), which is managed by Canada’s global healthcare real estate investment trust Northwest Healthcare Properties Real Estate Investment Trust, has sold for $57.5 million three Bolton Clarke aged care facility properties which were acquired four years ago.
The properties, which VHPT considered "non-core", are the sites of:
- 120-bed Bolton Clarke Tantula Rise in Alexandra Headland on the Sunshine Coast (sold for $22.5m)
- 101-bed Baycrest Hervey Bay in Pialba (sold for $18.1m) and
- 90-bed Bolton Clarke Darlington at Banora Point ($16.9m).
The purchaser was Catalyst Health REIT.
The off-market sale was transacted by JLL's Simon Quinn and Thomas Thorsen.
Also included in VHPT's NZ$87 million "non-core asset sale" was a Hobart development site and the Napier Medical Centre in New Zealand. The combined sale was at a 2% discount to book value, but the real estate properties were reportedly sold at beak even.
"Each asset boasts long-term leases with Bolton Clarke, Australia’s largest independent not-for-profit aged care provider, which operates 88 residential homes and 38 retirement villages," said Simon in statement.
In 2021, Northwest and its joint venture partner, Singaporean sovereign wealth fund GIC, launched a savage and ultimately unsuccessful bid for Australian Unity Healthcare Properties Trust.
