TORONTO, April 11, 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 Willow Brook Medical Centre, a 34,800 square foot medical office and retail property in Airdrie, Alberta. The purchase is expected to be immediately accretive.
Located just north of Calgary, in the rapidly growing City of Airdrie, Willow Brook Medical Centre (836 1st Avenue NW) is a recently constructed medical office and retail complex that has quickly become a prominent healthcare property in the immediate market. Due to an appealing design and a strategic location along the Calgary/Edmonton corridor, Willow Brook Medical Centre is leased to a quality roster of healthcare related tenants, including a large stand-alone Shoppers Drug Mart, a large medical clinic (Associate Medical Clinic), LifeMark Health and EFW Radiology, all on long-term leases.
The purchase price was $14.5 million, subject to adjustments. The property was acquired free and clear of mortgage financing, with the equity being funded from existing resources. NorthWest has entered into a commitment for a six year, $9.55 million mortgage at a fixed interest rate of 3.62% that is expected to fund in the second quarter.
The investment is the REIT's eighth acquisition in Greater Calgary and its thirteenth asset in the Province of Alberta. The REIT believes that the acquisition of Willow Brook Medical Centre further solidifies its market leadership in healthcare real estate 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 62 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.2 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.
For further information:
Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 2003, or www.nwhp.ca.