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Northwest Healthcare Properties Real Estate Investment Trust Announces Completion of Acquisition of Prominent Edmonton Medical Office Building
TORONTO, June 1, 2011 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (Toronto:NWH-UN.TO) (the "REIT") announced today it has completed the previously announced acquisition of Tawa Centre, a prominent medical office complex immediately adjacent to one of Edmonton's primary hospitals.
Located in south-east Edmonton, alongside the Grey Nuns Community Hospital, Tawa Centre is well-positioned to serve its numerous hospital-related tenancies. The property benefits from the integration of medical consultation, diagnostic imaging, laboratory, pharmacy and ancillary retail services. Tawa Centre is 89% leased to a quality roster of tenants, of which the majority are healthcare related. This investment presents an opportunity for the REIT to leverage its healthcare relationships and enhance value by increasing occupancy.
This investment will be the REIT's fifth Edmonton area property and its tenth asset in the Province of Alberta. The REIT believes that the acquisition of Tawa Centre will further solidify its market leadership in healthcare real estate in Edmonton, in Alberta and in Canada.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust is an unincorporated, openended real estate investment trust established under the laws of the Province of Ontario. The REIT holds a portfolio of 54 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.8 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.