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TORONTO, July 25, 2016 /CNW/ – NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (“NorthWest” or the “REIT”) is pleased to announce the closing of its previously-announced public offering whereby NorthWest sold an aggregate of 6,785,000 trust units of the REIT (“Units”) at a price of $9.80 per Unit (the “Offering Price”) and $74.75 million aggregate principal amount of 5.25% convertible debentures (“Debentures”) (including Units and Debentures issued pursuant to the exercise in full of the over-allotment options granted to the underwriters by NorthWest), on a bought deal basis, for aggregate gross proceeds of approximately $141.2 million (the “Offering”). The Offering was conducted through a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and National Bank Financial (the “Underwriters”).
NorthWest Value Partners Inc. (“NWVP”), NorthWest’s largest unitholder, and certain members of management, also purchased, by way of private placement, an aggregate of approximately $5 million of Units at the Offering Price (the “Private Placement”). Following the Offering and Private Placement, NWVP holds an approximate 29.4% interest in NorthWest. NWVP is wholly-owned by Paul Dalla Lana, CEO of the REIT.
The net proceeds from the Offering and the Private Placement are being used to fund a portion of its previously announced strategic investments in Australia and New Zealand and to fund a portion of the acquisition of two hospitals in Sao Paulo and Brasilia, Brazil occupied by Rede D’Or.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX:NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 138 income-producing properties and 9.0 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. The REIT’s portfolio of medical office buildings, clinics, and hospitals is characterized by long term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 180 professionals across 9 offices in 5 countries to serve as a long term real estate partner to leading healthcare operators.
Forward Looking Information
Certain statements contained in this news release may contain projections and “forward looking statements” within the meaning of that phrase under Canadian securities laws, including but not limited to the expected use of proceeds of the Offering and the Private Placement. When used in this new release, the words “may”, “would”, “should”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions may be used to identify forward looking statements. Those statements reflect the REIT’s current views with respect to future events or conditions. By their nature, forward looking statements reflect management’s current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the REIT’s annual information form dated March 10, 2016, management information circular dated April 14, 2016 and (final) short form prospectus dated July 19, 2016 and the REIT’s other public filings, copies of which each may be obtained on the SEDAR website at www.sedar.com. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The REIT does not intend to nor assume any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. Accordingly, this news release does not constitute an offer for sale of securities in the United States.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust