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Vital Healthcare gets $5.25m for Pt Chevalier property

BUSINESSDESK: Vital Healthcare Property Trust, the NZSX-listed investor in health properties, has sold its Pitman House site in Auckland's Pt 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 says.

"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 October 3.

In August, Vital Healthcare boosted its annual profit 22% to $9 million, on acquisitions and completed development projects.

Its shares last traded at $1.22 and have gained about 11% this year.

Comments and questions

Does anyone know what yield it sold at?

9.35% on passing.