20 Aug 2010

Trust looks to Australia for more buys

7:04 am on 20 August 2010

ING Medical Properties Trust says Australia's ageing population and stronger economy make it a more lucrative market to look for possible acquisitions.

The healthcare properties investor, which owns hospitals, health centres and research facilities, made an operating profit of $13.4 million in the year to the end of June, up 14% on the previous year, due to higher occupancy and increased rents.

General manager David Carr says the trust is now well positioned to consider possible acquisitions.

The trust owns a hospital and a rehabilitation centre in Melbourne, which account for about 37% of its $292 million portfolio.

Mr Carr says the trust is considering possible acquisitions on both sides of the Tasman, but the Australian market looks more attractive at the moment.

He says any potential acquisitions would likely be in either Victoria, New South Wales or Queensland.

Shares in ING Medical Properties Trust were unchanged at $1.25 on Thursday.