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NorthWest Healthcare Properties Real Estate Investment Trust Announces the Exercise of the Over-Allotment Option Associated with its Recently Completed Public Offering of Trust Units
TORONTO, Nov. 3, 2010 (Canada NewsWire via COMTEX) --
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") (TSX:NWH.UN) announced today that pursuant to the underwriting agreement dated October 15, 2010 between the REIT and a syndicate of underwriters led by RBC Capital Markets (the "Underwriters"), the Underwriters have exercised in full their option to purchase 974,250 additional units of the REIT at a price of $11.55 per unit for an aggregate consideration of $11,252,587.50. The net proceeds to the REIT from the exercise of the over-allotment option will be used by the REIT to fund future acquisitions, reserving a portion for purposes of repaying debt incurred in the ordinary course of business and for general trust purposes. The closing of the over-allotment option is intended to be completed on November 5, 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.
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.
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 48 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.0 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
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