Board of Trustees
Distributions & Reinvestment Plan
Taxation of Unitholders
Financial Reports & SEDAR Filings
Webcasts & Presentations
Online Investor Kit
NWI REIT – Historical
Board of Trustees
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, Mar 11, 2011 (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 February 23, 2011 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 960,000 additional units of the REIT at a price of $11.75 per unit for an aggregate consideration of $11,280,000. The net proceeds to the REIT from the exercise of the over-allotment option will be used primarily to fund the repayment of the bridge loan facility, which loan was incurred by the REIT in connection with the funding of prior acquisitions. Mortgage financings anticipated in the second quarter of 2011 and thereon will be used to fund future acquisitions. The closing of the over-allotment option will be completed on or about March 15, 2011.
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 52 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
To view this news release in HTML formatting, please use the following URL:
SOURCE: NorthWest Healthcare Properties Real Estate Investment Trust
Ernest Spraggs, Chief Financial Officer, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 262, or www.nwhp.ca