Business & Finance
Business and Finance
Business and Finance
Fri, June 24, 2011
Thu, June 23, 2011 NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES ACQUISITION OF MEDICAL OFFICE &; RETAIL PROJECT IN QUEBE
TORONTO, June 23, 2011 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that it has entered into an agreement to acquire Polyclinique Val-Belair, a 49,000 square foot new mixed-use medical office and retail project in Quebec City. The purchase is expected to close in the third quarter of 2011, subject to customary closing conditions and is expected to be immediately accretive.
Located in north-west Quebec City, within the suburb of Val-Belair, Polyclinique Val-Belair is a newer development that has become the dominant medical office property in a rapidly growing market. Polyclinique Val-Bélair is 97% leased on a long term basis and benefits from a quality roster of tenants including a large government affiliated medical clinic and other healthcare related tenants. Retail tenancy at the property complements these medical uses, with a large Familiprix pharmacy (over 250 locations across Quebec and New Brunswick) and two large national tenants, Dollarama and National Bank.
The purchase price will be approximately $11 million, subject to adjustments. The property is to be acquired free and clear, providing an opportunity to secure longer term mortgage financing in due course. The equity portion of the REIT's investment will be funded from existing resources.
The investment will be REIT's fourth acquisition in Quebec City and its fourteenth asset in the Province of Quebec. The REIT believes that the acquisition of Polyclinique Val-Belair will further solidify its market leadership in healthcare real estate in Quebec City, in the Province of Quebec and in Canada.
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 54 income-producing properties, with a focus on medical office buildings and healthcare real estate, comprising approximately 3.8 million square feet of gross leasable area located in British Columbia, Alberta, Ontario, Québec, Nova Scotia and New Brunswick.
Forward-Looking Information
This press release may contain forward-looking statements with respect to the REIT, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe", or "continue" or the negative thereof or similar variations. The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are not completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors (including changes in interest rates), competition, changes in government regulations, the performance of the acquired property, and the factors described under "Risk Factors" in the Short Form Prospectus dated March 2, 2011, including the risks and uncertainties set out in the Management Discussion and Analysis dated March 9, 2011 for the period ending December 31, 2010, which are available on [ www.sedar.com ]. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and, except as expressly required by applicable law, the REIT assumes no obligation to update such statements. Certain statements included in this news release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this news release.
