Fisher & Paykel signs an agreement to purchase land for a second New Zealand Campus

Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) announced that it had signed a sale and purchase agreement to buy a 105-hectare land in Karaka, Auckland. The total purchase consideration for the agreement is AU$275 million. The company will build another New Zealand campus on the Karaka land to supplement its previous location at the Highbrook development in East Tāmaki, Auckland.

The development work of the newly built campus will take over a 20 to the 30-year period, with a focus on earthworks and core infrastructure in the upcoming five years. The acquisition of the site is related to approval by Overseas Investment Office and will be funded via both operating cash flow and debt facilities. Initially, a 10% deposit amount needs to be payable on signing the agreement. After receiving the approval from the Overseas Investment Office, the balance amount will be paid on settlement dates, with the majority of the payment likely to be paid in the 1HFY24.

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