NorthWest International Healthcare Properties REIT announces intention to increase interest in Vital Trust to 25%
TORONTO, April 2, 2013 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV: MOB.UN) (the "REIT") announced today that it has given notice to Vital Healthcare Management Limited of its intention to seek to acquire up to 15,352,830 additional units of Vital Healthcare Property Trust ("Vital Trust") (the "Potential Unit Acquisitions") in the open market over the New Zealand Stock Exchange ("NZSX").
The REIT currently has exposure to an approximate 20% interest in Vital Trust. Vital Trust is also managed by an affiliate of the REIT's external manager. The Potential Unit Acquisitions are expected to occur within and over the period of up to 12 months after April 24, 2013, will be in the range of NZ$1.15 to NZ$1.38 per unit and are conditional upon there being sufficient sellers of units within the price range offered by the REIT. If the Potential Unit Acquisitions are completed in full, the REIT's exposure to Vital Trust would increase to slightly less than 25%.
This press release is being issued in connection with a regulatory filing that must be completed by the REIT under New Zealand law. Securityholders of the REIT should be cautioned that the regulatory filing merely provides notice of an intent to complete the Potential Unit Acquisitions, and there are no assurances that the Potential Unit Acquisitions will be completed on the terms set forth above or at all.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Including its investment in Vital Healthcare Property Trust (NZX: VHP), the REIT holds interests in a portfolio of 32 income-producing properties, with a focus on internationally-located medical office buildings and healthcare real estate, comprising approximately 2.0 million square feet of gross leasable area located in Australia / New Zealand, Brazil and Germany.
Forward Looking Information
Certain statements contained in this news release may contain projections and "forward looking statements" within the meaning of that phrase under Canadian securities laws. When used in this new release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward looking statements. Those statements reflect the REIT's current views with respect to future events or conditions, including the Potential Unit Acquisitions. By their nature, forward looking statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the annual information form of the REIT dated March 11, 2013, the short-form prospectus of the REIT dated March 18, 2013 and in the REIT's other public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The REIT does not intend to nor assume any obligation to update these forward-looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: NorthWest International Healthcare Properties REITFor further information:
Paul Dalla Lana
CEO, NorthWest International Healthcare Properties REIT
(416) 366-8300 ext. 1001