Successful completion of Institutional Entitlement Offer

NorthWest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), advises that it has successfully completed the institutional entitlement offer component (Institutional Entitlement Offer) and the institutional bookbuild component (Institutional Bookbuild) (together, the Institutional Offer) of its underwritten 1 for 8.54 pro rata accelerated entitlement offer (Offer) announced on Thursday, 28 April 2022.

The Institutional Entitlement Offer closed at 5.00pm (NZ time) on Thursday, 28 April 2022. The Institutional Bookbuild opened at 10.00am and closed at 3.00pm (NZ time) on Friday, 29 April 2022. Eligible institutional unitholders took up 98% of their entitlements and, combined with clearing the Institutional Bookbuild, have raised gross proceeds of $109.8m, representing approximately 37.2 million new units.

The Institutional Bookbuild of 4.6 million units achieved a clearing price of $3.04 per unit representing a premium of $0.09 per unit, 3.1% over the offer price. This premium means that institutional unitholders who were not eligible to participate or did not take up their full entitlement receive a return of $0.09 per unit on their entitlements.

New units issued under the Institutional Offer are expected to be allotted and commence trading on the NZX on Friday, 6 May 2022.
In advance of the Offer, NorthWest Healthcare Properties REIT had committed, on behalf of its owned and controlled entities, to participate in the Offer by subscribing for $55m of new units, representing its pro rata ~27.5% stake in Vital. It did so by taking up its entitlements in full in the Institutional Entitlement Offer.

The balance of the Offer is underwritten by Craigs Investment Partners Limited and Forsyth Barr Group Limited.

Refer to full announcement for dates of the Retail Entitlement Offer which closes at 5:00pm NZT on Thursday, 12 May 2022.

For further information in respect of the Offer, please refer to the capital raising presentation and Offer Document released to the NZX on Thursday, 28 April 2022 and available at www.vitalunitoffer.co.nz.

If you have any questions about the Offer, please visit the Offer website at www.vitalunitoffer.co.nz or call the Vital Investor Information Line on 0800 650 034 (toll free within New Zealand) from 8.30am to 5.00pm Monday to Friday (excluding public holidays), or contact your financial adviser or other professional adviser.

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ENQUIRIES
Aaron Hockly
Fund Manager, Vital Healthcare Property Trust
Tel 09 973 7301, Email aaron.hockly@nwhreit.com

Michael Groth
Chief Financial Officer, NorthWest Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@nwhreit.com

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