TORONTO, Dec. 20, 2012 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that
it has completed the acquisition of the Agence Lanaudière building,
comprising 53,771 feet and located at 245 rue du Curé-Majeau, Joliette,
Quebec. The purchase is expected to be immediately accretive.
Located northeast of Montreal, 245 rue du Curé-Majeau is a recently
renovated and expanded government healthcare administration building
that benefits from an appealing design, functional layout and a central
location within the surrounding region. The property is leased
exclusively on a long-term basis (through 2023) to the Agence de la
Santé et Services Sociaux de Lanaudière, an agency of the Provincial
Ministry of Health charged with the organization of healthcare services
within its respective region. Specific responsibilities include
facilitating the deployment and management of local healthcare
networks, and the allocation of financial resources to regional
healthcare facilities including hospitals, long-term care facilities
and community health centres.
The purchase price was $10 million, subject to adjustments. The property
was acquired free and clear, with the equity portion of the REIT's
investment being funded from existing resources. Immediately following
acquisition, NorthWest completed a ten year, $7.5 million mortgage loan
at a fixed interest rate of 4.07%.
The investment is the REIT's sixteenth asset in the Province of Quebec.
The REIT believes that the acquisition of 245 rue du Curé-Majeau
further solidifies its market leadership in healthcare real estate in
the Province of Quebec and in Canada.
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 77 income-producing properties, with a focus on medical office
buildings and healthcare real estate, comprising approximately 4.6
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) 601-3222, or www.nwhp.ca.