Australian Unity raising funds for Healthcare Property Trust
Australian Unity Investments has initiated a discounted rights offer aimed at raising up to $28.9 million to fund the proposed expansion of three of the 22 properties owned by its Healthcare Property Trust – The Valley Private Hospital, Peninsula Private Hospital and Beleura Private Hospital.
The company announced this week the raising followed a successful discounted rights offer last year to Healthcare Property Trust investors that raised $21.1 million.
It said the new issue, which opened on 12 March 2012, would give existing investors the first opportunity of purchasing discounted units, with the entitlement period closing on 30 March 2012.
It said any remaining units would be offered to new investors, with the two rights offers raising a total of $50 million.
The company said the new offer for existing investors would allow them to purchase $1 of new units for every $8.75 worth of units held, at a 7.5 per cent discount to the unit price (as at 29 February 2012).
New investors will also be able to apply for discounted units in Healthcare Property Trust; however, they will only be allocated units if existing investors do not take up the whole offer, and it will be on a ‘first in, first served’ basis.
This part of the offer will remain open until 25 May 2012 unless fully subscribed earlier.
Commenting on the rights offer, Australian Unity's head of distribution, retail business, Damen Purcell said the decision to make another offer followed the success of the original offer and would allow Australian Unity to fund the expansion of the three Healthcare Property Trust properties from equity.
“Investors in the Healthcare Property Trust have shown very strong support for the fund and the overall strategy, and the fund has performed well for them,” he said.
“There is increasing recognition of the attractiveness of the healthcare property sector amongst investors, and in light of this we are seeking to take advantage of the sector’s resilience to the challenging economic environment, firstly to the benefit of existing investors and secondly to attract new investors,” Purcell said.
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