Fisher & Paykel Healthcare (NZE:FPH, ASX:FPH) agreed to sell 13 hectares of its Karaka Road site in Drury to Health New Zealand for NZ$45.3 million, paving the way for a future hospital to serve South Auckland, according to a Monday filing with the New Zealand and Australian bourses.

The site will form part of the company's planned second New Zealand campus, with the remaining land retained for future development, per the filing.

Settlement is expected to occur between March and June 2027, subject to certain conditions, while the rezoning application for the wider site remains under review by Auckland Council, the filing said.

The transaction will be recognized as an exceptional item, with its financial impact excluded from the previously issued fiscal 2027 earnings guidance, the filing added.

The company expects fiscal 2027 net profit after tax of around NZ$525 million to NZ$565 million and operating revenue of about NZ$2.47 billion to NZ$2.57 billion, an earlier filing showed.

The company's New Zealand shares gained 1% in recent Monday trade.