| By PR Newswire |
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| November 16, 2012 05:56 PM EST |
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TORONTO, Nov. 16, 2012 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today
that it has completed the previously announced acquisition from
NorthWest International Healthcare Properties REIT ("NorthWest
International"), formerly GT Canada Medical Properties REIT, by way of
share and unit transactions and with an effective date of October 1,
2012, of a medical office property municipally known as 249 Ontario
Street, Port Hope, Ontario for a purchase price of approximately $2.9
million, plus the assumption of mortgage debt of approximately $5.0
million, subject to usual adjustments. The acquisition is expected to
be immediately accretive.
The REIT also announced today that it has completed the previously
announced acquisition from NorthWest International, by way of share and
unit transactions and with an effective date of October 1, 2012, of an
eleven property medical office building portfolio located in Ontario
for a purchase price together with reimbursement of certain transaction
costs of $37.4 million, plus assumption of mortgage debt of
approximately $42.0 million, subject to usual adjustments. The purchase
price and transaction costs were satisfied by a cash payment of
$6,304,000 and a note in the amount of $30,000,000. The acquisition is expected to
be immediately accretive.
In conjunction with such closings, the REIT issued to NorthWest
Operating Trust 1,746,142 REIT Units at a price of $12.3125 per Unit
($12.50 per Unit closing price on the day the aforementioned
transactions were originally approved by the REIT less a 1.5% discount)
for proceeds of $21.5 million.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust is an
unincorporated, open-ended real estate investment trust established
under the laws of the Province of Ontario. The REIT holds a portfolio
of 76 income-producing properties, with a focus on medical office
buildings and healthcare real estate, comprising approximately 4.5
million square feet of gross leasable area located in British Columbia,
Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
