TORONTO, Nov. 30, 2011 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) ("NorthWest" or the "REIT")
announced today that it has entered into an agreement to acquire 82% of
40 Sunpark Plaza SE, a 66,500 square foot medical office condominium
property in Calgary. The purchase is expected to close in the fourth
quarter of 2011, subject to customary closing conditions and is
expected to be immediately accretive.
Located in an expanding market node within a rapidly growing core market
for the REIT, 40 Sunpark Plaza SE is a recently built medical office
condominium building that has become a well-established healthcare
property in the South Calgary market due to its favourable location,
tenant mix and appealing design. The 54,600 square feet being acquired
is currently 74% leased to a strong roster of healthcare tenants that
is anchored by a large medical clinic, South Calgary Medical Clinic,
under a long term lease. Additional healthcare users include LifeMark
Health, Radiology Consultants Associated and Shoppers Drug Mart. The
property benefits from its immediate adjacency to the South Calgary
Health Centre and will be NorthWest's closest asset to the new, soon to
be completed, South Calgary Hospital. There is an opportunity for
significant value creation through the lease-up of the currently vacant
The purchase price will be $11.85 million, subject to adjustments.
NorthWest will assume the vendor's existing mortgage, having a
principal amount of approximately $10.13 million, an interest rate of
5.87% and a 2013 maturity. The equity portion of the REIT's investment
will be funded from existing resources.
The investment will be the REIT's eighth acquisition in Greater Calgary
and its thirteenth asset in the Province of Alberta, including the
recently announced pending acquisition of Willow Brook Medical Centre
in Airdrie. The REIT believes that the acquisition of 40 Sunpark Plaza
SE will further solidify its market leadership in healthcare real
estate in Calgary, in the Province of Alberta 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 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.