Specialist property investor Vital Healthcare is to buy the Boulcott private hospital site in Lower Hutt.
It said it will pay $30.7 million for the hospital, which is adjacent to the public hospital in Hutt City.
It will lease back the property to the hospital's operators, the Australian-based Pulse Health Group.
Vital is also buying an adjoining house for $1 million for future expansion.
"Boulcott directly aligns with our stated scale and diversification strategy and complements the growth we have experienced in Australia," said Vital Healthcare chief executive David Carr.
The deal follows Vital's announcement yesterday it was spending nearly $A16 million on the land and building of a new medical facility in Adelaide, South Australia
Mr Carr said the deal, which is expected to be settled by the middle of next year, also opened up the prospect of further co-operation with Pulse, in New Zealand and Australia.