Settlement of non-core asset sales; acquisition of land

Consistent with previous announcements that Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), was seeking to sell >NZ$200m of non-core assets, the Manager confirms that the following non-core asset sales have settled or are settling:
1. Eden Private Hospital (settled in June 2023).
2. Apollo Health and Wellness (settled in June 2023).
3. Mons Road Medical Centre (settled in July 2023).
4. Southport Private Hospital (under contract settling early
September 2023).

The sales were conducted at an aggregate price of ~NZ$155m (before disposal costs) representing a weighted average discount of <9% to their 31 December 2022 book values. All net proceeds have been / will be used to repay debt and will ultimately fund Vital’s development pipeline.

Separately, Vital has agreed to acquire 7,461 square metres of land adjoining Ormiston Hospital for NZ$13m which is due to settle in July 2023. This land provides Vital with options to expand this healthcare precinct once the current hospital expansion completes (due at the end of FY24).

Further details on the sales and acquisition will be provided as part of Vital’s Annual Results scheduled for 10 August 2023.

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Announcement PDF