ASPEN Group has settled on the Norwest Private Hospital development.
The $125 million development was undertaken by Aspen Development Fund No.1.
The hospital component was sold to Healthscope Limited for $61 million and is the second such project developed by ADF for Healthscope following completion of the Campbelltown Private Hospital in 2007. With a further $11 million of medical suites due to settle this month, gearing in ADF post these settlements reduces from 57% to 48%.
The ADF development team has now successfully completed two large scale office towers in the Adelaide CBD, two hospital developments and a retirement village.
Australian Property Journal
