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Pulse Health Ltd Announces Settlement Of Acquisition Of Operating Assets Of Westmead Rehabilitation Hospital

Thursday, 30 May 2013 11:43pm EDT 

Pulse Health Ltd announced that the acquisition of the operating Assets of Westmead Rehabilitation Hospital announced to the market on April 22, 2013 settled on May 31, 2013. In addition to the PHG acquisition of the Leasehold Operating Assets, Generation REIT has acquired the Westmead Rehabilitation Hospital Land & Buildings from St Andrews Healthcare and simultaneously executed a variation of the existing Property Lease with PHG. The varied lease is for 25 years with two 10 year options. The total consideration of $10.3 million (including transaction costs) was 100% funded by The Company‚Äôs bankers, National Australia Bank Limited. Under the varied lease with GHC, the total rent paid by PHG will fall by approximately $900,000 per annum from the rent currently paid across the two leases. The expected annual interest charge on the noted borrowings is forecast to be lower than the rent saving from the execution of the transaction. 

Company Quote

-0.035 -7.95%
19 Dec 2014