BusinessDesk report by Hannah Lynch
Vital Healthcare Property Trust, the NZSX-listed investor in health properties, has sold its Pitman House site in Auckland’s Point Chevalier for $5.25 million.
“The sale of Pitman House is a continuation of the targeted divestment programme of the trust’s non-core, or lower-value assets,” chief executive, David Carr said in a statement. “The repayment of debt and recycling of capital into opportunities that enhance the overall position of the Trust forms part of our on-going property and capital management strategy.”
The settlement will take place on Oct. 3.
In August, Vital Healthcare boosted its annual profit 22 percent to $9 million, on acquisitions and completed development projects.
Its shares last traded at $1.22 and have gained about 11 percent this year.