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NorthWest Healthcare Properties Real Estate Investment Trust Announces Completion of Acquisition in Calgary
TORONTO, Dec. 24, 2010 (Canada NewsWire via COMTEX) -- NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has completed the previously announced acquisition of a new office building, Glenmore Professional Centre, located in Calgary, Alberta.
Glenmore Professional Centre is a modern 137,800 square foot class A suburban office building completed in 2007. It is located in close proximity to Rockyview General Hospital, one of the four regional hospitals currently serving this city. Further, Glenmore Professional Centre is located adjacent to the REIT's Rockyview Health Centre I and II properties, two multi-tenant medical office buildings comprising over 100,000 square feet in aggregate. The building is currently 100% occupied by Bantrel Corporation ("Bantrel"), a subsidiary of Bechtel Corporation, a premier international engineering and construction firm. Bantrel's lease is for a term of 10 years, commencing August 1, 2007, plus two renewal options for five years each. In addition, ancillary revenue is derived from contracted parking with Bantrel and rooftop telecommunication and satellite agreements. As part of the transaction the REIT also acquired a development parcel located immediately adjacent to the building and which currently provides additional parking. The REIT acquired 100% of the shares and units of registered and beneficial owners of the property for an aggregate purchase price of $29.45 million, subject to usual adjustments as of December 31, 2010. The purchase price was paid 50% in cash and 50% in REIT units issued on closing.
Glenmore Professional Centre was one of the two properties owned by an affiliate of NorthWest Operating Trust in respect of which the REIT was granted a right of first offer to acquire upon closing of its IPO.
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 50 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.1 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
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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