22 Sep 2011

ANZ takes 9% stake in property trust

6:46 pm on 22 September 2011

ANZ New Zealand has spent $31.3 million on securing a 9% stake in Vital Healthcare Property Trust.

Part of the stake comes from ACC, which has reduced its holding from 9% to 5.5%.

An ANZ subsidiary, One Path, is the manager of Vital, and it's currently in talks with the medical property landlord's independent directors to bring the contract in-house, with the price proving a sticking point.

Negotiations broke down after investors, including ACC, BT Funds and the New Zealand Superannuation Fund, warned they wouldn't accept the proposed $14 million deal because the price was too high.