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NorthWest Healthcare Properties Real Estate Investment Trust Announces Acquisition of Medical Office and Retail Property in Nova Scotia
TORONTO, Nov. 30, 2011 (Canada NewsWire via COMTEX) --
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that it has entered into an agreement to acquire 808-810 East River Road, New Glasgow, Nova Scotia, a 33,800 square foot medical office and retail property. The purchase is expected to close in the fourth quarter of 2011, subject to customary closing conditions and is expected to be immediately accretive.
Comprised of two stories, 808-810 East River is a recently constructed stand-alone medical office/retail building that is fully leased to Lawtons Drugs under a long term lease. The ground floor is occupied by a traditional retail pharmacy while the second floor is improved with multiple physician offices. Both uses benefit from the building's immediate adjacency to the currently expanding Aberdeen Regional Hospital. The acquisition also includes a neighbouring 0.5 acre parcel of land; a portion of which is currently utilized as tenant parking. This additional land presents a possible future development opportunity for the REIT due to its immediate proximity to the hospital.
The purchase price will be $10.13 million, subject to adjustments. NorthWest will assume the vendor's existing mortgage, having a principal amount of approximately $5.91 million, an interest rate of 5.15% and a 2015 maturity. The equity portion of the REIT's investment will be funded from existing resources.
The investment will be the REIT's seventh asset in the Province of Nova Scotia. The REIT believes that the acquisition of 808-810 East River Road will further solidify its market leadership in healthcare real estate in the Province of Nova Scotia 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 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 Investment
Trust, (416) 366-2000 ext. 243, orwww.nwhp.ca.