TORONTO, May 13, 2015 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV:MOB.UN) ("NWI") and NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) ("NWH") announced today that the Alberta Court of Queen's Bench has issued a final order approving the plan of arrangement undder the Business Corporations Act (Alberta) pursuant to which NWI will combine with NWH to create a leading global diversified healthcare real estate investment trust with over $2 billion of assets (the "Transaction").
NWI and NWH expect to close the Transaction in May 2015, subject to the satisfaction or waiver of the conditions precedent described in the joint management information circular of NWI and NWH dated April 7, 2015.
About NorthWest International Healthcare Properties Real Estate Investment Trust
NWI is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Including its investment in NWH and Vital Healthcare Property Trust, NWI holds interests in a portfolio of 122 income-producing properties, representing an internationally diversified portfolio of medical office buildings and healthcare real estate, comprising approximately 6.6 million square feet of gross leasable area located in Australia / New Zealand, Brazil, Canada and Germany.
About NorthWest Healthcare Properties Real Estate Investment Trust
NWH is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. NWH holds a portfolio of 74 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 4.6 million square feet of gross leasable area located in British Columbia, Alberta, Manitoba, Ontario, Québec, Nova Scotia and New Brunswick. For more information on NWH, visit www.nwhp.ca.
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to the expected completion of the Transaction and the conditions and approvals required with respect thereto.
NWH and NWI have based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs, including, that the arrangement agreement that sets forth the terms and conditions of the Transaction (and is available under each of NWH and NWI's provide on SEDAR at www.sedar.com) will be not be amended; and all conditions precedent to completing the Transaction will be met.
Although the forward-looking statements contained in this news release are based upon assumptions that management of NWH and NWI believe are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond NWH's and NWI's control, including, among other things, the risks identified each of NWH's and NWI's materials filed under their respective profiles at www.sedar.com from time to time and the risk that the conditions to the Transaction will not be satisfied. The forward-looking statements made in this news release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, each of NWH and NWI undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the Toronto Stock Exchange nor the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release.
SOURCE NorthWest Healthcare Properties REIT
For further information: please contact Paul Dalla Lana, CEO of NWI at (416) 366-8300 x 1001, or Peter Riggin, CEO of NWH at (416) 601-3220.