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NorthWest Healthcare Properties Real Estate Investment Trust Announces the Completion of its Initial Public Offering
TORONTO , March 25, 2010 - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") announced today that it has completed its initial public offering of units ("Units") of the REIT. The offering, which raised gross proceeds of $175,000,000, was underwritten by a syndicate of underwriters led by RBC Capital Markets and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Financial Ltd., Macquarie Capital Markets Canada Ltd. and Versant Partners Inc (the "Underwriters"). A total of 17,500,000 Units were sold at a price of $10.00 per unit.
The Underwriters have an option to purchase up to an additional 1,250,000 Units at a price of $10.00 per Unit for a period of up to 30 days after closing of the offering which, if exercised in full, will increase the total gross proceeds of the offering to $187,500,000.
The REIT's units will commence trading on the Toronto Stock Exchange (TSX) on March 25, 2010, under the symbol NWH.UN.
Peter Riggin , Chief Executive Officer of the REIT commented that, "We are excited to have launched NorthWest Healthcare Properties REIT as a publicly traded real estate investment trust. Our experienced and industry leading management team looks forward to capitalizing on future growth opportunities and maximizing unitholder value."
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 holds a 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. The REIT owns a diversified mix of such properties with approximately 2.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New
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:
Peter Riggin , Chief Executive Officer
NorthWest Healthcare Properties Real Estate Investment Trust
(416) 366-2000 ext. 224
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.