NorthWest announced the acquisition of The Tennyson Centre, one of Adelaide’s leading Cancer Centres of Excellence, funded by a NZ$140m equity raise by its NZ$2.7b NZX-listed fund, Vital Healthcare Property Trust.

The AU$92.75m acquisition includes 1,920sqm of adjoining land held for future development and expansion of the existing services along with other complimentary services. NorthWest has a strong history of supporting its operating partners and facilitating their growth aspirations to deliver outstanding health services to the community.

As Australia’s leading healthcare infrastructure investor, and the largest owner and manager of healthcare property in Australia and New Zealand (ANZ), NorthWest specialises in the long-term ownership and development of market-leading health infrastructure and precincts.

The acquisition of The Tennyson Centre aligns with Vital’s investment portfolio strategy in that it increases investment allocation to ambulatory care and creates new and expanded relationships with a number of leading national providers of allied health services.  

The 6,567 sqm Tennyson Centre provides essential, high-quality, ambulatory care, and is a property asset with strong leasing fundamentals including high-quality tenants operating in the identification, assessment and treatment of cancer through oncology, radiotherapy, day surgery, imaging and consulting services – with partners such as Icon, Genesis, Nexus and Dr Jones & Partners.

President and Chief Executive Officer of Australia and New Zealand for NorthWest, Mr Craig Mitchell, said of the acquisition:

“Our acquisition of The Tennyson Centre and the development land alongside speaks to the core expertise of NorthWest, and we look forward to working with its high-quality tenants to enable the delivery and expansion of world-class cancer care, which is a key area of focus for us. The Tennyson Centre and the opportunities offered by the adjacent development land will allow us to develop and improve the provision of healthcare services and education/innovation to South Australians.”

Mark Middleton, Group CEO of Icon Group, said: "As Australia’s largest dedicated cancer care provider we are very pleased to have the NorthWest managed Vital Healthcare Property Trust acquire the Tennyson Centre and adjacent development land.  In recognition that Tennyson has been acquired by the leading owner and manager of healthcare infrastructure in Australia, we have agreed to extend our lease for an additional 10 years.  We look forward to this new partnership”.