TORONTO, Jan. 19, 2012 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that
it has completed the previously announced acquisition of Centre
Medicale de L'Hetriere, a 36,600 square foot medical office building in
the Greater Quebec City Area.
Located along the western boundary of Quebec City, Centre Medicale de
L'Hetriere (3520 rue de l'Hetriere) is a newer development that
benefits from being the only prominent medical office building in the
immediate and fast growing market. Due to this dominant market
presence, an appealing design and ample parking, the property has
minimal vacancy owing to its quality roster of tenants that is anchored
by a large medical clinic, Clinique Medicale Cap-Rouge. Additional
healthcare related uses include audiology, optometry, physiotherapy and
dental, with a large Brunet pharmacy as a complementary retail use.
The purchase price is $7 million, subject to adjustments. The property
was acquired free and clear of mortgage financing with the equity
portion of the REIT's investment funded from existing resources.
The investment is the REIT's fifth acquisition in Greater Quebec City
and its fifteenth asset in the Province of Quebec. The REIT believes
that the acquisition of Centre Medicale de L'Hetriere further
solidifies its market leadership in healthcare real estate in Quebec
City, 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 59 income-producing properties, with a focus on medical office
buildings and healthcare real estate, comprising approximately 4.1
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, SVP, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca.