12 Apr 2012

New funding secured by property landlord

8:02 am on 12 April 2012

Vital Healthcare Property Trust has secured new bank funding.

The healthcare property landlord says it has secured a renewal of its bank facility with ANZ National, in two tranches, one for $A125 million through to March 2017, and the other - for $A100 million and $NZ20 million - until March 2015.

Chief executive David Carr says diversifying the term of the facility across two expiry dates provides greater flexibility when undertaking future reviews of bank facilities, and improves the overall tenor of the Trust's debt.

Mr Carr says the new facility will only be partially drawn down, with the balance of about $A57 million and $NZ15 million providing headroom for the trust to continue with capital expansion and acquisition opportunities.