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TORONTO, Oct. 17, 2014 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV: MOB.UN) (the "REIT") is pleased to announce the addition of Mr. Vince Cozzi – a seasoned healthcare real estate investment professional – in the capacity of Co-President and Chief Investment Officer of the REIT and to the senior management team of its external asset manager.
Prior to joining the REIT and its asset manager, Mr. Cozzi was a Senior Vice President of Ventas, Inc., the largest U.S. healthcare REIT, and Executive Vice President and Chief Investment Officer of its Lillibridge Healthcare Services subsidiary. Mr. Cozzi joined Ventas, Inc., in 2005, where he played a key role in more than $15BN of transactions, including the acquisition of healthcare properties, structuring of joint ventures with operating partners, and corporate mergers and acquisitions. Over his 9 years at Ventas, Inc. Mr. Cozzi played a lead role in the growth of its medical office building portfolio through the acquisition and integration of Lillibridge, Nationwide Health Properties and Cogdell Spencer which culminated in growing the portfolio from 9 properties to more than 325 properties comprising 20 million square feet across the United States. Before joining Ventas, Mr. Cozzi was Vice President – Finance and Treasurer of Trizec Properties, one of North America's largest owners of premier office buildings, where he held positions in finance, corporate strategy and asset management from 1998 to 2005. Mr Cozzi received a B.A. in Economics from the University of Wisconsin and an M.B.A. in Finance and Business Policy from the University of Chicago Booth School of Business and is active in the Urban Land Institute (Healthcare and Life Sciences Council), the National Investment Center for Seniors Housing, and BOMA.
In connection with the hiring of Mr. Cozzi, Paul Dalla Lana, CEO of the REIT commented:
"Mr. Cozzi brings a wealth of experience in healthcare real estate and will lead the REIT's international investment initiatives as well as oversee its strategic investments in Canada and Australia/New Zealand. We are excited to have him join our global team of more than 40 healthcare real estate professionals and through the augmentation of its executive team, the REIT is increasingly well positioned to execute on its very significant growth opportunities."
The REIT also confirmed today that it continues to work through the internalization of its external management arrangements with NorthWest Value Partners Inc. and the acquisition of all of the rights and obligations relating to the management of Vital Healthcare Property Trust (collectively the "Internalization Transaction"). The REIT exepects to complete the Internalization Transaction on or befoire December 31, 2014, subject to certain conditions including, but not limited to the entering into of a definitive binding implementation agreement and the receipt of all necessary approvals.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT's objectives are to: (i) provide its unitholders with stable and growing cash distributions from investments focused on international healthcare properties, on a tax efficient basis; (ii) enhance the value of the REIT's assets and maximize long-term unit value; and (iii) expand the asset base of the REIT.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the ability of the REIT to pay the distribution on the date specified. The statements in this news release are made as of the date of this release. Although the REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. A discussion of the risk factors applicable to the REIT is contained under the heading "Risk Factors" in the REIT's annual information form dated April 23, 2014, audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2013, and the REIT's short form prospectus dated September 16, 2014, copies of which each may be obtained on the SEDAR website at www.sedar.com.
SOURCE: NorthWest International Healthcare Properties REIT
For further information: Paul Dalla Lana, CEO, NorthWest International Healthcare Properties REIT, (416) 366-8300 ext. 1001