Tight Vital Healthcare pricing reflects portfolio quality

The pricing of Vital Healthcare Property Trust's $200 million capital raising speaks volumes about the quality of its $3.2 billion portfolio.The latest indication is the 9-cent premium achieved in auctioning the rights institutions either couldn't or didn't want to take up.Eligible institutions took up 98% of their entitlements to new units priced at $2.95 and the remainder were sold at $3.04 – the premium will be paid to the non-participating institutions and $109.8m of new capital goes to the trust. Those prices compare...