TORONTO, Sept. 21, 2018 - /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT" or "NorthWest") announced today that as part of its previously announced A$2.0 billion (debt and equity) Australian healthcare joint venture ("Joint Venture" or "JV"), the closing of the sale of a 70% interest in three Australian income producing properties and one development property (collectively the "Seed Portfolio") with an as-complete value of A$412 million. As part of the transaction, the JV also entered into a new A$500 million Loan Facility, for financing of the Seed Portfolio, ongoing development, and future investments, and into property and development management agreements with Australian affiliates of NorthWest. Net proceeds from the transaction of approximately A$180 million will be used for debt repayment, to fund future acquisitions, and for general corporate purposes.
Commenting on the transactions Paul Dalla Lana, Chairman and CEO of the REIT, noted "The closing of the Seed Portfolio sale concludes the initial phase of our institutional partnership in Australia. We are excited for the opportunity to further grow this important relationship and add value to a sophisticated global investor. The Joint Venture, in conjunction with NorthWest's already significant global and regional resources, provides significant additional capacity to continue to execute on our business plan and build on our market leading Australasian real estate platform."
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (NorthWest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. As at June 30, 2018 the REIT provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 152 income-producing properties and 10.6 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Europe, Australia and New Zealand. The REIT's portfolio of medical office buildings, clinics, and hospitals is characterized by long term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 180 professionals across nine offices in five countries to serve as a long term real estate partner to leading healthcare operators.
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: Paul Dalla Lana, CEO at (416) 366-8300 x 1001