TORONTO, Jan. 25 /CNW/ - NorthWest Healthcare Properties Real Estate
Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has
completed the previously announced acquisition of the prominent medical
and professional office complex known as The Dundas-Edward Centre, in
Located in the Discovery District of downtown Toronto, one block from
University Avenue, The Dundas-Edward Centre is a 410,000 square foot
two-tower office complex with an eight-level parking facility. The
complex is located in close proximity to several hospitals including
SickKids, Princess Margaret, Toronto General, and Mount Sinai. The
complex is currently 97% leased to primarily medical, professional and
government tenancies including the following healthcare tenants:
SickKids, Medisys Diagnostic Imaging, a pharmacy, labs, clinics and
numerous specialist physicians and general practitioners. The balance
of the tenancy is comprised of tenants who value the close proximity to
the Provincial Legislature (Queen's Park), the Provincial Courts,
Toronto City Hall and the City's financial core.
The REIT acquired The Dundas-Edward Centre for a price of $103 million.
The acquisition has been funded by a combination of cash on hand and
debt. The REIT arranged and drew $60 million on an interim credit
facility to fund the purchase. The REIT is arranging permanent long
term fixed rate financing to replace this interim loan, which is
expected to fund early in the second quarter of 2011.
The Dundas-Edward Centre will be the REIT's twelfth asset in the Greater
Toronto Area and its twentyfirst asset in the Province of Ontario.
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 51 income-producing properties, with a focus on medical office
buildings and healthcare real estate, comprising approximately 3.5
million square feet of gross leasable area located in British Columbia,
Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
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