New Hall Hospital, Salisbury to be sold for £49.8 mln (approx. €55 mln) (UK)

The Board of Secure Income REIT PLC announces that it has unconditionally exchanged contracts to sell the freehold of the New Hall Hospital, Salisbury to clients of LaSalle Investment Management for £49.8 mln (approx. €55 mln).
The private hospital is operated by Ramsay Health Care Ltd, Australia’s largest quoted private healthcare business with a market capitalization of approximately £7 bln (approx. €9.5 bln) and a leading acute care provider.
The purchase price represents a net initial yield of 5.3%. The hospital is let with 22 years unexpired and has fixed annual rental uplifts of 2.75% or five yearly open market reviews, whichever is the higher.
Commenting on the transaction, Secure Income REIT PLC Chairman Martin Moore says, “Ramsay is one of the world’s top healthcare providers and the sale of this property to a major UK institution helps to reinforce our firm view that healthcare is now established as a highly sought after alternative investment asset class.”
Source: FTI Consulting