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NorthWest Healthcare Properties Real Estate Investment Trust Announces Two Alberta Acquisitions
TORONTO, Nov. 29, 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 Willow Brook Medical Centre, a 34,800 square foot medical office and retail property in Airdrie, Alberta. The purchase is expected to close in the first quarter of 2012, subject to customary closing conditions and is expected to be immediately accretive.
Located just north of Calgary, in the rapidly growing City of Airdrie, Willow Brook Medical Centre (836 1(st) Avenue NW) is a recently constructed medical office and retail complex that has quickly become a prominent healthcare property in the immediate market. Due to an appealing design and a strategic location along the Calgary/Edmonton corridor, Willow Brook Medical Centre is leased to a quality roster of healthcare related tenants, including a large stand-alone Shoppers Drug Mart, a large medical clinic (Associate Medical Clinic), LifeMark Health and EFW Radiology, all on long term leases.
The purchase price will be $14.5 million, subject to adjustments. The property is to be acquired free and clear, providing an opportunity to secure longer term mortgage financing in due course. The equity portion of the REIT's investment will be funded from existing resources.
The investment will be the REIT's seventh acquisition in Greater Calgary and its twelfth asset in the Province of Alberta. The REIT believes that the acquisition of Willow Brook Medical Centre will further solidify its market leadership in healthcare real estate in Greater Calgary, in the Province of Alberta and in Canada.
In a separate transaction, the REIT will be acquiring a 15,000 square foot land parcel located at 11042/11045 101 Street NW in Edmonton. Immediately adjacent to the REIT's Hy's Centre, the site is currently operating as a paid surface parking lot, a use which the REIT intends to continue going forward. Strategic benefits of the acquisition include an enhancement of the parking provision for Hy's Centre and a potential long-term development opportunity due to the site's close proximity to both Hy's Centre and the Royal Alexandra Hospital.
The purchase price will be $1.83 million, subject to adjustments. The property is being acquired free and clear of mortgage financing, and the equity portion of the REIT's investment will be funded from existing resources. The purchase is expected to close in the fourth quarter of 2011, subject to customary closing conditions.
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 Estate
Investment Trust, (416) 366-2000 ext. 243, orwww.nwhp.ca