Press release from CNW Group
NorthWest Healthcare Properties Real Estate Investment Trust Announces Completion of Acquisition of Quebec Government Healthcare Administration Building
Thursday, December 20, 2012
NorthWest Healthcare Properties Real Estate Investment Trust Announces Completion of Acquisition of Quebec Government Healthcare Administration Building17:36 EST Thursday, December 20, 2012TORONTO, Dec. 20, 2012 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that it has completed the acquisition of the Agence Lanaudière building, comprising 53,771 feet and located at 245 rue du Curé-Majeau, Joliette, Quebec. The purchase is expected to be immediately accretive.Located northeast of Montreal, 245 rue du Curé-Majeau is a recently renovated and expanded government healthcare administration building that benefits from an appealing design, functional layout and a central location within the surrounding region. The property is leased exclusively on a long-term basis (through 2023) to the Agence de la Santé et Services Sociaux de Lanaudière, an agency of the Provincial Ministry of Health charged with the organization of healthcare services within its respective region. Specific responsibilities include facilitating the deployment and management of local healthcare networks, and the allocation of financial resources to regional healthcare facilities including hospitals, long-term care facilities and community health centres.The purchase price was $10 million, subject to adjustments. The property was acquired free and clear, with the equity portion of the REIT's investment being funded from existing resources. Immediately following acquisition, NorthWest completed a ten year, $7.5 million mortgage loan at a fixed interest rate of 4.07%.The investment is the REIT's sixteenth asset in the Province of Quebec. The REIT believes that the acquisition of 245 rue du Curé-Majeau further solidifies its market leadership in healthcare real estate in the Province of Quebec and 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 77 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.6 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.SOURCE: NorthWest Healthcare Properties Real Estate Investment TrustFor further information: Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 601-3222, or www.nwhp.ca.