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Northwest Healthcare Properties Real Estate Investment Trust Announces Completion of Acquisition of Premiere Edmonton Medical Office Complex
TORONTO, Feb. 1, 2011 (Canada NewsWire via COMTEX) --
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has completed the previously announced acquisition of Hys Centre, the premiere medical office complex in Edmonton, Alberta.
Hys Centre is strategically located on and connected by pedway access to the Royal Alexandra Hospital campus. Hys Centre is a Class "A" medical office complex composed of a 147,000 square foot medical office building, 50 residential apartments and a 384-stall pay parking facility. It has a long history of low vacancy, strong tenant retention, and the provision of integrated healthcare services to the community,
The REIT acquired Hys Centre for a price of $53 million. The acquisition has been funded by a combination of cash on hand and debt. The REIT arranged and drew $25 million on an interim credit facility to fund the purchase. The REIT is arranging permanent long term fixed rate financing to replace this interim loan.
This investment will be the REIT's fourth Edmonton area property and its ninth asset in the Province of Alberta. The REIT believes that the acquisition of Hys Centre is strategically important and 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, 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.
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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, or http://www.nwhp.ca/