Calan Healthcare Properties Trust said today it had completed the sale of some Australian assets so it could concentrate on its Epworth Eastern project in Melbourne.
Chief executive Miles Wentworth said the sale was a milestone in the process of converting non yielding assets into yielding assets and the disposal of non strategic assets to fund the $50 million Epworth project.
All Australian assets sold as part of this process were sold above book value. The last asset to be sold to complete the Australian repositioning was Brighton Private Hospital, which was sold in June 2002 to The Cabrini Property Association .
Cabrini contracted to pay interest to Calan on unpaid monies until the date of settlement, which was completed in June. The A$5.13m ($5.66m) proceeds were used to cut debt.
The Australian properties realised A$8.405m, A$890,000 above book value.
Calan's investment in Australia now comprises: Epworth Eastern due for completion in 2004 and valued at $50m; Box Hill Gardens Medical Centre -- a 2200sqm, four level medical consulting facility located adjacent to Epworth and valued at $10.7m; and Brighton Rehabilitation -- a 3200sqm rehabilitation facility with a licence for 67 beds, tenanted by the Epworth Foundation and valued at $11.6m.
- NZPA
Calan Healthcare sells some Australian assets
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