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NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES COMPLETION OF ACQUISITION OF PROMINENT TORONTO MEDICAL O

^{Published on 2011-04-01 09:40:20 - Market Wire}
 

TORONTO, April 1 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today it has completed the previously announced acquisition of Malvern Medical Arts Building, a prominent medical office building anchored by the Malvern Medical Clinic, one of the busiest medical clinics in the Greater Toronto Area.

The Malvern Medical Arts Building is a Class "A" office complex located at 1333 Neilson Road, in the former city of the Scarborough portion of Toronto, approximately 3.7 kilometers from the Rouge Valley Centenary Hospital. The property consists of a 40,974 square foot medical office building located on 1.67 acres of land, with a pay surface parking facility. The building is occupied by 17 tenants including a laboratory, diagnostic imaging clinics, a pharmacy, and the anchor tenant Malvern Medical Clinic. With more than 30 physicians, and 23 in the Malvern Medical Clinic alone, the Malvern Medical Arts Building has experienced consistently high occupancy rates and is currently 99% occupied.

The Malvern Medical Arts Building will be the REIT's twelfth asset in the Greater Toronto Area and its twenty-second 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 53 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.7 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.