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NorthWest Healthcare Properties Real Estate Investment Trust Announces Closing of Portfolio Acquisition in Quebec and Mortgage Financing in Alberta
TORONTO, Sep. 1, 2010 (Canada NewsWire via COMTEX) -- NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has closed the acquisition of a 117,000 square foot property portfolio of two buildings in the province of Quebec, including the assumption of existing first mortgages.
The portfolio is comprised of one property located in Richelieu, near Montreal, and one property located in Levis, a suburb of Quebec City. The properties are newly constructed, in 2008 and 2009 respectively.
Both properties are occupied by CSSS (Centres de Santé et de Services Sociaux), a provincial government agency that provides public health and social services from the buildings through, in part, the operation of a CLSC clinic. The property in Levis will also be occupied by SIQ (Société Immobilière du Québec), the real estate management arm of the Quebec government who will take occupancy in December 2010. The three leases have an average remaining lease term of approximately 12.7 years.
The REIT also announced it has closed, in a separate transaction, the $14 million first mortgage financing of Queen Street Place, in Spruce Grove (near Edmonton), Alberta.
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 48 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 2.9 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 Trust
Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca