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NorthWest Healthcare Properties Real Estate Investment Trust Announces Completion Of Acquisition Of Medical Office And Retail Complex In Quebec City
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH-UN) (the "REIT") announced today it has completed the previously announced acquisition of Polyclinique Val-Belair, a 49,000 square foot mixed-use medical office and retail complex in Quebec City.
Located in north-west Quebec City, within the suburb of Val-Belair, Polyclinique Val-Belair is a newer development that has become the dominant medical office property in a rapidly growing marketplace. Polyclinique Val-Belair is 97% leased on a long term basis and benefits from a quality roster of tenants that includes a large government affiliated medical clinic and other healthcare related users. Complimentary retail tenancy includes a large FamiliPrix pharmacy and two national tenants, Dollarama and National Bank.
The property was acquired free and clear of mortgage financing.
The investment is the REIT's fourth acquisition in Quebec City and its fourteenth asset in the Province of Quebec. The REIT believes that the acquisition of Polyclinique Val-Belair will further solidify its market leadership in healthcare real estate in Quebec City, in the Province of Quebec and in Canada. 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 55 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
Ernie Spraggs, CFO, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 262, orwww.nwhp.ca