TORONTO, Sept. 15, 2011 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it
has completed the acquisition of Canamera Medical Centre, an 82,500
square foot medical office complex in Cambridge, Ontario. The purchase
is expected to be immediately accretive.
Canamera Medical Centre is a large full service medical office property
in the growing Cambridge market. Due to its recent construction and
appealing design, the complex is fully leased to a diverse group of
healthcare users including a Family Health Team, numerous physicians, a
large dental specialty group and a large orthodontics clinic.
Additional tenancies include pharmacy, laboratory, diagnostic imaging
clinic and other complementary uses.
The purchase price is $14.8 million, subject to adjustments. NorthWest
assumed the vendor's existing mortgage, having a principal amount of
approximately $5.4 million, an interest rate of 6.14% and a 2018
maturity. The equity portion of the REIT's investment was funded from
This investment will be the REIT's first Cambridge area property and its
twenty-third asset in the Province of Ontario. The REIT believes that
the acquisition of Canamera Medical Centre will further solidify its
market leadership in healthcare real estate in Canada.
In separate transactions, the REIT completed the previously disclosed
financing of its Hys Centre property in Edmonton (the mortgage has a
principal amount of $35 million, an interest rate of 4.55% and a 2020
maturity) and the up-financing of its Tawa Centre property in Edmonton
(the new mortgage has a principal amount of $16 million, a blended
interest rate of 4.12% and a 2018 maturity).
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust, "Canada's
Healthcare Landlord", is an unincorporated, open-ended real estate
investment trust established under the laws of the Province of Ontario.
The REIT holds a portfolio of 56 income-producing properties, with a
focus on medical office buildings and healthcare real estate,
comprising approximately 3.9 million square feet of gross leasable area
located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and
This press release contains forward-looking statements which reflect the
REIT's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. The REIT
disclaims any obligation to update these forward-looking statements.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
For further information:
Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca.