TORONTO, Nov. 29, 2011 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that
it has entered into an agreement to acquire Willow Brook Medical
Centre, a 34,800 square foot medical office and retail property in
Airdrie, Alberta. The purchase is expected to close in the first
quarter of 2012, subject to customary closing conditions and is
expected to be immediately accretive.
Located just north of Calgary, in the rapidly growing City of Airdrie,
Willow Brook Medical Centre (836 1st Avenue NW) is a recently constructed medical office and retail complex
that has quickly become a prominent healthcare property in the
immediate market. Due to an appealing design and a strategic location
along the Calgary/Edmonton corridor, Willow Brook Medical Centre is
leased to a quality roster of healthcare related tenants, including a
large stand-alone Shoppers Drug Mart, a large medical clinic (Associate
Medical Clinic), LifeMark Health and EFW Radiology, all on long term
The purchase price will be $14.5 million, subject to adjustments. The
property is to be acquired free and clear, providing an opportunity to
secure longer term mortgage financing in due course. The equity portion
of the REIT's investment will be funded from existing resources.
The investment will be the REIT's seventh acquisition in Greater Calgary
and its twelfth asset in the Province of Alberta. The REIT believes
that the acquisition of Willow Brook Medical Centre will further
solidify its market leadership in healthcare real estate in Greater
Calgary, in the Province of Alberta and in Canada.
In a separate transaction, the REIT will be acquiring a 15,000 square
foot land parcel located at 11042/11045 101 Street NW in Edmonton.
Immediately adjacent to the REIT's Hy's Centre, the site is currently
operating as a paid surface parking lot, a use which the REIT intends
to continue going forward. Strategic benefits of the acquisition
include an enhancement of the parking provision for Hy's Centre and a
potential long-term development opportunity due to the site's close
proximity to both Hy's Centre and the Royal Alexandra Hospital.
The purchase price will be $1.83 million, subject to adjustments. The
property is being acquired free and clear of mortgage financing, and
the equity portion of the REIT's investment will be funded from
existing resources. The purchase is expected to close in the fourth
quarter of 2011, subject to customary closing conditions.
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 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 New Brunswick.
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