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NorthWest Healthcare Properties Real Estate Investment Trust Announces the Exercise of the Over-Allotment Option Associated with its Recently Completed Initial Public Offering
TORONTO, April 6, 2010 - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that pursuant to the underwriting agreement dated March 16, 2010 between the REIT and a syndicate of underwriters led by RBC Dominion Securities Inc. (the "Underwriters"), the Underwriters have exercised in full their option to purchase 1,250,000 additional units of the REIT at a price of $10.00 per unit for an aggregate consideration of $12,500,000. The net proceeds to the REIT from the exercise of the over-allotment option will be used by the REIT to fund growth opportunities and acquisitions, reduce debt and/or for working capital purposes. The closing of the over-allotment option will be completed on April 7, 2010.
These securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.
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 owns and manages a diversified portfolio of 45 income-producing properties, with a focus on medical office buildings primarily occupied by doctors, dentists, other medical professionals and related healthcare service providers such as pharmacies, laboratories and diagnostic imaging clinics, representing approximately 2.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
The REIT employs an experienced real estate management team and benefits from a broad network of relationships and commercial property and financing expertise within the medical office building and healthcare focused real estate industry.
For further information, please contact:
Chief Executive Officer
NorthWest Healthcare Properties Real Estate Investment Trust
(416) 366-2000 ext. 224 or the REIT's website at www.nwhp.ca.
This press release contains forward-looking statements which reflect the REIT's current expectations regarding future events including the closing of the over-allotment option and the use of proceeds therefrom. 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 except as required by applicable law.