Canada's NorthWest wants boost Vital Healthcare stake to 25%
The cornerstone shareholder and manager intends to buy up to 15.4 million units, or 5%, in the property trust.
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 in 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 says 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.
(BusinessDesk)
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Canada's NorthWest wants boost Vital Healthcare stake to 25%
28389