Roger Wallis, partner, led deal team with Greer Fredricson
Chapman Tripp has confirmed that it has served as legal advisor to the independent directors of the manager of Vital Healthcare Property Trust in connection with the $214m internalisation of Vital’s management rights.
Graham Stuart, Vital’s chair, described the internalisation as a significant milestone. According to Chapman Tripp’s news release, the internalisation seeks to ensure substantial annual cost savings and strong and sustainable returns for the business and the trust’s unit holders.
“By bringing management in-house under a strengthened governance framework, Vital will be well-positioned to unlock future growth, enhance transparency and accountability, and fully align management and investor interests,” Stuart said. “This transaction creates a scalable platform as Vital continues to grow its leadership in healthcare real estate.”
Under the internalisation, Vital will furnish development consulting services to Northwest Healthcare Properties Management Limited with respect to the Galaxy Portfolio, a A$2.6bn portfolio of Australian healthcare properties currently under Northwest’s management.
Roger Wallis, partner, and Greer Fredricson, special counsel, led the Chapman Tripp team acting on behalf of the independent directors.
“We are proud to have supported Vital’s independent directors in achieving this milestone transaction, which sets a new benchmark for governance and value creation in New Zealand’s healthcare property sector,” Wallis said in the firm’s news release.
Based in Auckland, Wallis focuses on corporate and securities law. According to his firm bio, his practice areas include equity capital markets, mergers and acquisitions, and corporate governance. His experience spans public market M&A, business reorganisations, and regulatory compliance.
Chapman Tripp shared that support came from partners Kelly McFadzien, Bevan Miles, Vonda Engels, Lucy Cooper; special counsel Jeremy Gray; and solicitors Gracie Jones, Kaitlin Burden, and Hannah Houghton.
“Chapman Tripp’s role in this transaction further demonstrates our expertise and leadership in advising on high-value and market-leading corporate transactions in New Zealand’s capital markets,” the firm’s news release said.
Allens acted as local counsel in Australia. Advisors to Vital’s independent directors also included Craigs Investment Partners for the financial considerations, KPMG in connection with the internalisation’s tax and people aspects, and Northington Partners as an independent expert.
Barrenjoey Advisory, Forsyth Barr, Ashurst, Bell Gully, and PwC advised Northwest, the current manager’s owner. MinterEllisonRuddWatts advised Vital’s trustee.
Vital said it expected the internalisation to settle on 31 December 2025, or, if satisfying the conditions necessitated more time, within the first quarter of the 2026 calendar year.
According to Vital’s announcement, a $220m capital raising aims to fund the internalisation, add balance sheet flexibility, and position Vital to attract near-term developments, including Coomera Stage 1A and Macarthur Stage 2.
Vital explained that the capital raising will occur via a $190m underwritten placement and a $30m unit purchase plan.
