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TORONTO, May 21, 2014 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV: MOB.UN) (the "REIT") announced today the closing of its previously announced offering of 11,219,513 trust units of the REIT (the "Units"), which includes the exercise in full of an over-allotment option granted by the REIT to the Underwriters (as defined below), at a price of $2.05 per Unit for gross proceeds of $23,000,000 (the "Offering"). The Offering was conducted on a bought deal basis by a syndicate of underwriters co-led by National Bank Financial Inc. and GMP Securities L.P., acting as joint bookrunners, and including BMO Capital Markets, Canaccord Genuity Corp., Scotia Capital Inc., Dundee Securities Ltd., Manulife Securities Incorporated, Raymond James Ltd., Desjardins Securities Inc., Laurentian Bank Securities Inc. and All Group Financial Services Inc. (collectively, the "Underwriters").
The net proceeds from the Offering are expected to be used to fund future acquisitions (including the proposed acquisition of the German MOB Portfolio, as defined and detailed in the REIT's press release dated February 18, 2014), and for general trust and working capital purposes.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT 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 international healthcare properties, 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.
Forward Looking Information
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including the statements regarding the proposed use of the net proceeds from the Offering and the proposed acquisition of the German MOB Portfolio. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the risk that the net proceeds from the Offering will not be used as expected, and that the proposed acquisition of the German MOB Portfolio will not be completed on the terms proposed, or at all. The statements in this news release are made as of the date of this release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Although the REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A discussion of the risk factors applicable to the REIT is contained under the heading "Risk Factors" in the REIT's annual information form dated April 23, 2014 and audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2013, copies of which may be obtained on the SEDAR website at www.sedar.com.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. Accordingly, this news release does not constitute an offer for sale of securities in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: NorthWest International Healthcare Properties REIT
For further information: Paul Dalla Lana, CEO, (416) 366-8300 ext. 1001; Teresa Neto, CFO, (416) 366-8300 ext. 1002