Press release from CNW Group
NPR Agrees to Sell Western Seniors' Facilities
Tuesday, May 01, 2012
NPR Agrees to Sell Western Seniors' Facilities10:27 EDT Tuesday, May 01, 2012/NOT FOR DISSEMINATION IN THE UNITED STATES/CALGARY, May 1, 2012 /CNW/ - Northern Property REIT and NorSerCo Inc. (NPR.UN -TSX) have announced that the REIT has entered into an agreement to sell its six master leased seniors' buildings in western Canada for $160 million to a subsidiary of HealthLease Properties REIT. Pursuant to the agreement, the purchaser plans to assume existing debt of approximately $93.2 million, with the balance to be settled in cash.Brookfield Financial advised Northern Property REIT during a strategic review of its investment in the western seniors' buildings and during the sale negotiations.The agreement contemplates a closing in mid June of 2012. Closing is subject to a number of conditions, including the closing of the Initial Public Offering of HealthLease Properties REIT.There can be no assurance that the sale of these six buildings will be completed.CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTSThis news release may contain forward-looking statements. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made.For further information: Mr. B. James Britton, President and Chief Executive Office, or Mr. David Leiman, Chief Financial Officer, (403) 531-0720.