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NorthWest Healthcare Properties Real Estate Investment Trust announces the completion of acquisition of Cambridge medical complex and Alberta financings
TORONTO, Sep. 15, 2011 (Canada NewsWire via COMTEX) --
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has completed the acquisition of Canamera Medical Centre, an 82,500 square foot medical office complex in Cambridge, Ontario. The purchase is expected to be immediately accretive.
Canamera Medical Centre is a large full service medical office property in the growing Cambridge market. Due to its recent construction and appealing design, the complex is fully leased to a diverse group of healthcare users including a Family Health Team, numerous physicians, a large dental specialty group and a large orthodontics clinic. Additional tenancies include pharmacy, laboratory, diagnostic imaging clinic and other complementary uses.
The purchase price is $14.8 million, subject to adjustments. NorthWest assumed the vendor's existing mortgage, having a principal amount of approximately $5.4 million, an interest rate of 6.14% and a 2018 maturity. The equity portion of the REIT's investment was funded from existing resources.
This investment will be the REIT's first Cambridge area property and its twenty-third asset in the Province of Ontario. The REIT believes that the acquisition of Canamera Medical Centre will further solidify its market leadership in healthcare real estate in Canada.
In separate transactions, the REIT completed the previously disclosed financing of its Hys Centre property in Edmonton (the mortgage has a principal amount of $35 million, an interest rate of 4.55% and a 2020 maturity) and the up-financing of its Tawa Centre property in Edmonton (the new mortgage has a principal amount of $16 million, a blended interest rate of 4.12% and a 2018 maturity).
About NorthWest Healthcare Properties Real Estate Investment Trust NorthWest Healthcare Properties Real Estate Investment Trust, "Canada's Healthcare Landlord", is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT holds a portfolio of 56 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.9 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.
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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, orwww.nwhp.ca.