Contents
Chapman Tripp is pleased to have acted as legal advisor to the independent directors of the manager of NZX-listed Vital Healthcare Property Trust (Vital), on the $214m internalisation of Vital’s management rights.
The internalisation is expected to deliver Vital and the trust’s unit holders substantial annual cost savings and create a scalable platform for future growth, enhancing transparency and accountability.
Graham Stuart, Chair of Vital, commented “Internalisation marks an important milestone for Vital, positioning the business to deliver stronger and more sustainable returns for Unit Holders. By bringing management in-house under a strengthened governance framework, Vital will be well-positioned to unlock future growth, enhance transparency and accountability, and fully align management and investor interests. This transaction creates a scalable platform as Vital continues to grow its leadership in healthcare real estate.”
The Chapman Tripp team advising the independent directors was led by partner Roger Wallis and special counsel Greer Fredricson, supported by partners Kelly McFadzien, Bevan Miles, Vonda Engels, Lucy Cooper, special counsel Jeremy Gray, and solicitors Gracie Jones, Kaitlin Burden and Hannah Houghton. Allens acted as local counsel in Australia.
“We are proud to have supported Vital’s independent directors in achieving this milestone transaction, which sets a new benchmark for governance and value creation in New Zealand’s healthcare property sector,” said Roger Wallis, Partner at Chapman Tripp.
Other key advisors to Vital’s independent directors included Craigs Investment Partners (financial), KPMG (tax and people), and Northington Partners (independent expert).
Northwest Healthcare Properties Real Estate Investment Trust, owner of the current manager, was advised by Barrenjoey Advisory, Forsyth Barr, Ashurst, Bell Gully and PwC. Minter Ellison Rudd Watts advised the trustee of Vital.
Chapman Tripp’s role in this transaction further demonstrates our expertise and leadership in advising on high-value and market-leading corporate transactions in New Zealand’s capital markets.
