NorthWest Healthcare Properties REIT announced the integration of its market leading, best practice management platforms in Australia and New Zealand.
The operational integration of its Vital Healthcare Management Limited and Generation Healthcare Management Pty Ltd management teams results in an additional investment and strengthening of its industry leading healthcare real estate management platform in Australia and New Zealand.
The integrated platform will be overseen by Bernard Crotty, president NorthWest and will consist of 30 team members located in Melbourne, Australia and Auckland, New Zealand.
David Carr and Stuart Harrison will continue in their respective manager roles as CEO and CFO of Vital Healthcare, and will report to Crotty.
Harrison will take on the additional role of regional finance director of the newly integrated NorthWest Australia and New Zealand management platform. Also reporting to Crotty will be Richard Roos and Chris Adams, executive directors, who will lead NorthWest's investment, asset management and development teams in the region, with appropriate protocols in place, relating to areas of potential conflict of interest.
The integrated management platform will be rebranded, with the combined platform to be known as NorthWest Healthcare Properties Management. The management entity will provide management services to both Vital Healthcare Property Trust and Generation Healthcare REIT. Generation Healthcare REIT will be rebranded to NorthWest Healthcare Properties Australia REIT and Vital's name and branding will not change.
NorthWest's consolidated business interests in the region aggregate to A$2.5 billion ($2.02 billion)and with a pipeline of projects currently totaling more than A$600 million ($486 million).
