A Canadian property investor is poised to take greater control of Vital Healthcare Property Trust, a medical property landlord.
Northwest Value Partners will buy the management contract for $11.5 million from ANZ New Zealand subsidiary OnePath, dashing the plans of Vital's independent directors to bring the contract in-house.
Northwest will also buy OnePath's 9% stake for about $31 million, giving it just under 20% ownership and making it Vital's largest investor.
The deal requires regulatory approval. OnePath director John Body says it should be completed by the end of the year.
OnePath bought the 9% stake in September.
Macquarie Bank has an 11% stake in Vital Healthcare.
The bank subsidiary had unsuccessfully tried to sell the contract back to Vital but institutional unitholders such as ACC demanded OnePath be removed with little or no compensation.
OnePath director John Body told Evening Business on Checkpoint the $11.5 million it will receive for the contract is better than the revised deal it had tried to negotiate with Vital's directors.