Press release from CNW Group
NorthWest Healthcare Properties Real Estate Investment Trust Announces Acquisition of Moncton Medical Office Building
Tuesday, December 20, 2011
NorthWest Healthcare Properties Real Estate Investment Trust Announces Acquisition of Moncton Medical Office Building14:20 EST Tuesday, December 20, 2011TORONTO, Dec. 20, 2011 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that it has entered into an agreement to acquire Moncton Medical Clinic, a 42,700 square foot medical office building in Moncton, New Brunswick. The purchase is expected to close in the first quarter of 2012, subject to customary closing conditions and is expected to be immediately accretive.Located near the City centre, Moncton Medical Clinic (860 Mountain Road) is one of the premiere medical office buildings in this fast growing market due to its favourable scale, design and location. The property is 95% leased to a quality roster of tenants which is exclusively healthcare related, including the government agency Horizon Health Network (previously the Regional Health Authority), Shoppers Drug Mart, CBI Health Centre and complementary physicians who benefit from Moncton Medical Clinic's close proximity to both the Moncton Hospital and Dumont University Hospital.The purchase price will be $7.86 million, subject to adjustments. NorthWest will assume the vendor's existing mortgage, having a principal amount of approximately $3.6 million, an interest rate of 5.19% and a 2016 maturity, and look to secure additional financing in due course. The equity portion of the REIT's investment will be funded from existing resources.The investment will be the REIT's first acquisition in Moncton, its second asset in the Province of New Brunswick and the 8th asset in Atlantic Canada. The REIT believes that the acquisition of Moncton Medical Clinic will further solidify its market leadership in healthcare real estate in Canada.About NorthWest Healthcare Properties Real Estate Investment TrustNorthWest 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 57 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.This press release contains forward-looking statements which reflect the REIT's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements.For further information: Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca.