Sharechat Logo

Canada's NorthWest looks to boost stake in Vital Healthcare to 25 percent

Tuesday 2nd April 2013

Text too small?

Canadian investor NorthWest International Healthcare Properties Real Estate Investment Trust plans to lift its stake in Vital Healthcare Property Trust to just under a quarter over the coming 12 months.

The Vital Healthcare cornerstone shareholder and manager intends to buy up to 15.4 million units, or 5 percent, in the property trust, taking its total interest to 24.99 percent, it said in a restricted transfer notice. The Canadian property investor will buy the units on market at a price of between $1.15 and $1.38, valuing the 5 percent stake at between $17.7 million and $21.2 million.

The units rose 0.4 percent to $1.36 in trading today, and have gained 7.5 percent this year. The stock is rated an average 'hold' based on four analyst recommendations compiled by Reuters with a median target price of $1.325.

NorthWest's 32 property portfolio spans Australia, New Zealand, Brazil and Germany, and focuses on medical office buildings and healthcare real estate.

Vital Healthcare's board has formed a committee of independent directors to deal with the restricted transfer notice, and will commission an independent appraisal report of the offer.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Vital Healthcare to spend A$29.9 million redeveloping and expanding NSW hospitals
Vital Healthcare posts 21 percent rise in profit, expects similar distributions in 2014
NorthWest may lift Vital Healthcare stake up to 24.99 percent in $39.2M rights issue
Vital Healthcare flags rights issue next month, suspends distribution reinvestment plan
Vital Healthcare 1H distributable profit rises 44 percent as building projects lift income
Vital Healthcare sells Point Chevalier property for $5.25M
Vital Healthcare portfolio value drops about 1.1 percent
Vital Healthcare pays A$12.3m for Sydney hospital
Vital Healthcare returns to 1H profit
Vital Healthcare pays A$13m for Mayo hospital in Australia