TORONTO, July 17, 2017 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX:NWH) (NorthWest) today announces that NorthWest Australia1 (NorthWest Australia) has completed the acquisition of all the outstanding units in Generation Healthcare REIT (ASX:GHC) (Generation) – a $600M+ Australian healthcare real estate portfolio comprising 16 properties including hospitals, medical centers, laboratories, aged care facilities along with an accretive $230M+ development pipeline. NorthWest also announces that NorthWest Australia has today passed a resolution as sole unitholder of Generation to appoint NorthWest Healthcare Australia RE Limited, as the responsible entity of Generation in place of APN Funds Management Limited.
Combined with its NSX-listed Vital Healthcare Properties platform, the REIT now controls nearly $2.0B of Australasian healthcare real estate comprising 53 properties located in the major markets of Auckland, Brisbane, Melbourne and Sydney and characterized by long-term inflation-indexes leases, stable occupancies and high quality healthcare tenants.
The Generation acquisition is accretive to the REITs earnings and growth profile while providing optionality to pursue its regional investment strategy and planned institutional capital initiatives.
1 NorthWest Australia AssetCo Pty Ltd as trustee for NWH Australia Asset Trust (NorthWest Australia), a controlled entity of NorthWest.
Further information on the Generation acquisition as well as recent developments at the REIT is available in its Summer 2017 newsletter.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX:NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. 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 142 income-producing properties and 9.5 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Germany, 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