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.
For further information:
Mike Brady, SVP, NorthWest Healthcare Properties Real Estate Investment Trust, (416) 366-2000 ext. 243, or www.nwhp.ca.