Vital Healthcare raises NZ$190m for internalisation and growth

Vital Healthcare Property Trust, managed by Northwest Healthcare Properties Management Limited, issued 97,435,897 new ordinary units at NZ$1.95 per security, raising a total of NZ$190,000,000. This cash payment represents a 14.31% increase in the total class of financial products, bringing the total number of units after the placement to 778,235,671.

The net proceeds from this capital raise are earmarked for two primary purposes: funding the management termination payment required to internalise Vital's management, and providing additional balance sheet flexibility to support near-term development initiatives. These new units will rank equally with all other fully paid units but are not entitled to the FY26 first-quarter dividend.

The allocation strategy for the placement focused on maximizing existing unitholder participation while strengthening Vital's unit register. The manager aimed to allocate units above pro rata to new unitholders, considering factors such as support for the placement, bid size, investor profile, and the investor's relative profile to Vital's register.