Vital keeping warchest stocked

CATHERINE HARRIS
Last updated 13:20 07/07/2014

Relevant offers

Industries

2degrees launches home broadband plans John Key says a tax on foreign ownership would be 'better than a ban' Ron Brierley makes another move on Kirkcaldie & Stains TPP could allow foreigners to buy large assets without formal approval - John Key Ikea drawers sold in New Zealand at risk of tipping Croxley Recycling and Ricoh sign e-waste recycling deal More West Coast jobs to go as OceanaGold mine closes Room for petrol to drop 3 cents a litre, AA says Westpac: Less than 100 bank jobs on the line in restructuring Woosh 'sells' 9000 internet customers

NZX-listed Vital Healthcare Property Trust has increased its bank lending facility to give itself headroom in case new opportunities arise.

The healthcare property fund has renewed its existing banking facilities of A$225 million [NZ$241m] and NZ$20m, and secured an additional A$100m.

The increased facility limit would provide flexibility to allow Vital to continue with its brownfield development strategy and incremental acquisition opportunities as they arose, the firm said in a statement.

Stuart Harrison, chief financial officer of the trust's manager, said the move was motivated by the current competitive debt capital markets and also by the potential of some of its existing sites. One of the properties was Hurstville Private Hospital near Sydney where the company has embarked on an A$28m expansion programme.

"There are other sites that we have potential for it and they will be evaluated at an appropriate time."

Vital, whose portfolio includes 17 hospitals and medical centres in Australia, was named by the Australian Financial Review in May as a potential bidder for assets owned by Australia's second-biggest private hospital operator, Healthscope.

Vital declined to comment at the time.

Its shares remained unchanged at $1.36 this morning.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content