/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, April 20 /CNW/ - GT Canada Medical Properties Real Estate
Investment Trust ("GT Canada" or the "REIT") (TSXV: MOB.UN) announced
today that it has entered into a revolving credit facility agreement
(the "Credit Facility") in the amount of approximately $5.7 million to
be drawn on by the REIT for property acquisitions and working capital.
Amounts outstanding under the Credit Facility bear interest at a rate
equal to the lender's prime rate plus 200 basis points. The Credit
Facility has an initial two-year term and is secured by a first ranking
mortgage on the property located at 89 Dawson Road, in Guelph Ontario.
GT Canada also announced today that it has refinanced (the
"Refinancing") four of its properties for a gross amount of $17.345
million which generated proceeds of $4.158 million. The Refinancing
reset the mortgage terms for three of the properties to five years and
increased the mortgage amortizations to 25 years. The weighted average
interest rate on the REIT's secured mortgage portfolio was decreased
from 5.51% to 5.13% as a result of the Refinancing.
ABOUT GT CANADA MEDICAL PROPERTIES REIT (TSX-V:MOB.UN)
As Canada's only publicly traded issuer focused exclusively on medical
office buildings, GT Canada Medical 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's
objectives are to: (i) provide its unitholders with stable and growing
cash distributions from investments focused on medical office buildings
and related healthcare properties in Canada, on a tax efficient basis;
(ii) enhance the value of the REIT's assets and maximize long-term unit
value; and (iii) expand the asset base of the REIT.
This news release contains "forward-looking statements" within the
meaning of applicable securities laws, including statements regarding
future property acquisitions and the REIT's objectives. Actual results
and developments may differ materially from those contemplated by these
statements depending on, among other things, the risk that the REIT may
not be able to expand its asset base on favourable terms, or at all.
The statements in this news release are made as of the date of this
release. The factors identified above are not intended to represent a
complete list of the factors that could affect the REIT. Additional
factors are noted under "Risk Factors" in the REIT's prospectus dated
December 17, 2010, a copy of which may be obtained on the SEDAR website
SOURCE GT Canada Medical Properties Inc.
For further information:
Andrew Shapack, Chief Executive Officer
GT Canada Medical Properties REIT