TORONTO, Jan. 23, 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 Moncton Medical Clinic, a 42,700 square foot medical office building in Moncton, New Brunswick. The purchase will be immediately accretive.
Located near the City centre, Moncton Medical Clinic (860 Mountain Road) is a premiere medical office building in this fast growing market due to its favourable scale, design and location. The property is 95% leased to a quality roster of tenants which is exclusively healthcare related, including the government agency Horizon Health Network (previously the Regional Health Authority), Shoppers Drug Mart, CBI Health Centre and complementary physicians who benefit from Moncton Medical Clinic's close proximity to both Moncton Hospital and Dumont University Hospital.
The purchase price is $7.86 million, subject to adjustments. NorthWest assumed and has agreement to increase the vendor's existing first mortgage which, once increased, will have an aggregate principal amount of approximately $5.1 million, a weighted average interest rate of approximately 4.75% and a 2016 maturity. The equity portion of the REIT's investment was funded from existing resources.
The investment is the REIT's first acquisition in Moncton, second asset in the Province of New Brunswick and ninth asset in Atlantic Canada. The REIT believes that the acquisition of Moncton Medical Clinic 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 60 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.
For further information:
Mike Brady, Senior Vice President, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca.