/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 17 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the "REIT") announced today that it has filed a final prospectus with the securities commissions of all provinces and territories in Canada in respect of its initial public offering of 17,500,000 units of the REIT (the "Units"). The Units will be issued at a price of $10.00 per Unit and will provide investors with a cash-on-cash yield of 8.0% annually, to be paid through monthly distributions. Gross proceeds of the offering are expected to be $175,000,000. The REIT has granted to the underwriters an option to purchase up to an additional 1,250,000 Units at a price of $10.00 per Unit for a period of up to 30 days after closing of the offering and, if exercised in full, will increase the total gross proceeds of the offering to $187,500,000.
The offering is being underwritten by a syndicate of underwriters led by RBC Capital Markets and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Financial Ltd., Macquarie Capital Markets Canada Ltd. and Versant Partners Inc.
The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol "NWH.UN", subject to fulfilling all of the requirements of the TSX.
The offering is expected to close on March 24, 2010.
The first distribution, for the period from closing to April 30, 2010 will be paid on or about May 17, 2010 and, assuming a closing date of March 24, 2010, will be in the amount of $0.08387 per Unit. The REIT intends to make subsequent monthly cash distributions in the amount of $0.06667 per Unit commencing June 15, 2010 for the month of May 2010. Copies of the final prospectus will be available on the website www.sedar.com.
These securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.
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.
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. On or before the closing of the offering, the REIT will acquire a portfolio of 45 income-producing properties, with a focus on medical office buildings primarily occupied by doctors, dentists, other medical professionals and related healthcare service providers such as pharmacies, laboratories and diagnostic imaging clinics. The REIT will own a diversified mix of such properties with approximately 2.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
The REIT employs an experienced real estate management team and benefits from a broad network of relationships and commercial property and financing expertise within the medical office building and healthcare focused real estate industry.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
For further information: For further information: Peter Riggin, Chief Executive Officer, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 224