NorthWest completes offer for GT Canada Medical Properties REIT
TORONTO, June 12, 2012 /CNW/ - NorthWest Value Partners Inc. ("NorthWest") and GT Canada Medical Properties Real Estate Investment Trust (TSX-V:MOB.UN) ("GT Canada") announced today that NorthWest's offer to acquire 100% of GT Canada's trust units (the "Units") for $1.87 per Unit (the "Offer") has expired.
Since NorthWest's announcement on May 31, 2012 that NWVP Acquisition LP (a wholly owned subsidiary of NorthWest) was taking up Units and NorthWest was extending the Offer, 833,432 additional Units have been validly deposited under the Offer. The deposited Units, together with the 17,647,614 Units already taken up and paid for by NWVP Acquisition LP, represent approximately 91% of the total outstanding Units (approximately 68% of the total outstanding Units on a fully-diluted basis).
As disclosed in the takeover bid circular mailed in connection with the Offer, and for the purposes of ensuring that GT Canada continues to meet the ongoing listing requirements of the TSX Venture Exchange, NorthWest intends to sell Units deposited under the Offer such that NorthWest and its affiliates will own not more than 18,307,055 Units, which represent 90% of the total outstanding Units (approximately 67% of the total outstanding Units on a fully-diluted basis).
Following the previously announced sale of GT Canada's existing medical office building portfolio to NorthWest Healthcare Properties REIT, NorthWest intends to reconfigure GT Canada to support its international healthcare initiatives, which include healthcare property investments in Australia/New Zealand, Brazil and Germany.
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", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward-looking statements. Those statements reflect NorthWest's and GT Canada's current views with respect to future events or conditions, including matters relating to the Offer and GT Canada's proposed portfolio sale. By their nature, those 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 takeover bid and directors' circulars mailed in connection with the Offer. 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. Neither NorthWest nor GT Canada 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.For further information:
Paul Dalla Lana
President, NorthWest Value Partners Inc. and CEO, GT Canada Medical Properties REIT
(416) 366-8300 ext. 1001