Business & Finance
Business and Finance
Business and Finance
Wed, January 26, 2011
Tue, January 25, 2011 NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES COMPLETION OF ACQUISITION OF DUNDAS-EDWARD CENTRE, TORON
TORONTO, Jan. 25 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has completed the previously announced acquisition of the prominent medical and professional office complex known as The Dundas-Edward Centre, in Toronto, Ontario.
Located in the Discovery District of downtown Toronto, one block from University Avenue, The Dundas-Edward Centre is a 410,000 square foot two-tower office complex with an eight-level parking facility. The complex is located in close proximity to several hospitals including SickKids, Princess Margaret, Toronto General, and Mount Sinai. The complex is currently 97% leased to primarily medical, professional and government tenancies including the following healthcare tenants: SickKids, Medisys Diagnostic Imaging, a pharmacy, labs, clinics and numerous specialist physicians and general practitioners. The balance of the tenancy is comprised of tenants who value the close proximity to the Provincial Legislature (Queen's Park), the Provincial Courts, Toronto City Hall and the City's financial core.
The REIT acquired The Dundas-Edward Centre for a price of $103 million. The acquisition has been funded by a combination of cash on hand and debt. The REIT arranged and drew $60 million on an interim credit facility to fund the purchase. The REIT is arranging permanent long term fixed rate financing to replace this interim loan, which is expected to fund early in the second quarter of 2011.
The Dundas-Edward Centre will be the REIT's twelfth asset in the Greater Toronto Area and its twentyfirst asset in the Province of Ontario.
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 51 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.5 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
