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Australian Unity sells Wakefield Private Hospital for $50 million

Media
14 Dec 2017

Australian Unity’s Healthcare Property Trust (HPT) has sold the Calvary Wakefield Private Hospital and Medical Clinic, located in Adelaide, to Cromwell Property Group for $50 million.

The Calvary Wakefield Private Hospital – located in Adelaide’s central business district ‐ occupies an entire block, of 8 275m2, with a gross building area of 15,500m2. It provides 180 overnight beds and 33 day beds, and a medical centre together with 16 specialist medical sub‐tenants.

It is expected that the current tenant, Calvary Health Care, will vacate the property after their lease expires in July 2019, following the completion of their new facility.

Chris Smith, head of healthcare property at Australian Unity, said “we looked at a number of other uses for the property but determined that selling the property was in the best interests of investors and we are pleased to have secured a sale price that is well in excess of the property’s current book value of $40.19 million.

“Wakefield has been a strong performer for the HPT and has delivered an internal rate of return of 16.9 percent per annum for investors since its acquisition in 1999.

“We’re very pleased that we will be able to recycle the capital from the sale of this asset to put toward our $600 million development pipeline”, he said.

“HPT continues to invest in the healthcare properties that produce strong returns for investors while supporting the delivery of health services Australian communities need”, he said.

For more information on Australian Unity’s Healthcare Property Trust, go to Australian Unity Healthcare Property Trust ‐ Wholesale Units

‐ENDS‐

For media enquiries contact:

Nathan Clarke, Six O’Clock Advisory

Mobile: 0400 442 414

Important information

Units in the Australian Unity Healthcare Property Trust are issued by Australian Unity Funds Management Limited ABN 60 071 497 115, FS Licence No 234454. This information is intended for recipients in Australia only. 

About the HPT

HPT commenced almost 20 years ago. It has more than 12,000 investors and owns 42 healthcare assets across Australia's eastern seaboard. It has delivered investors consistent, steady income distributions since its inception and in recent years has also delivered positive capital growth. It has delivered investors a total return of 17.99 percent over one year, 14.69 percent per annum over three years, 12.70 percent per annum over five years and 9.38 percent per annum over a decade. (as at 30 September 2017). Wholesale Units total returns are calculated after fees and expenses and assumes reinvestment of distributions. Inception date is 28 February 2002. Past performance is not a reliable indicator of future performance. 

About Australian Unity

Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including 280,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.

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