Partnership to support future growth and innovation
New real estate deals have been signed by Epworth HealthCare and NorthWest Healthcare Properties REIT, adding to the existing strategic partnership between the two organizations.
Epworth has agreed to the partial sale-leaseback of the Epworth Geelong building and adjacent land, as well as the leaseback of the Elim rehabilitation facility in Richmond. Epworth retains control of the hospital functions at the sites and will work closely with NorthWest on development plans.
Similar long-term agreements with NorthWest are already in place at Epworth Freemasons, Epworth Camberwell and Epworth Eastern.
Dr Lachlan Henderson, chief executive of the Epworth Group, said the deal frees up capital, supporting long-term growth and innovation.
“The agreement allows Epworth to focus on focused growth, our ambitious digital agenda and innovation to deliver better outcomes for our patients, now and in the future,” said Dr. Henderson.
“It is important to note that our patient services will continue as normal. The strategic alliance with long term partner NorthWest means that Epworth can pursue its vision of creating a health district in Geelong and developing the neighborhood of Richmond for the benefit of our community.
“Our vision, Epworth 2025, underpinned by our new strategic plan, transformation plans and this partnership, ensures that we remain focused on delivering exceptional care to all Victorians.”
Mr. Craig Mitchell, President and CEO of Australia and New Zealand for NorthWest, said they would develop a multi-phased master plan for the future development of 4.2 hectares of land adjacent to Epworth Geelong and would examine development opportunities at Epworth Elim in Richmond.
“This is an exciting transaction for NorthWest as we expand our partnership with Epworth HealthCare to further improve health services for the people of Victoria,” said Mr. Mitchell.
“Both sites offer substantial opportunities for the future development of the healthcare facility, which is a key area of expertise for the NorthWest company. “
Epworth remains responsible for providing exceptional care to the Victorians and our hospitals and sites will continue to operate as usual.