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NorthWest Healthcare Properties Real Estate Investment Trust Announces an Update on Key Strategic Initiatives Providing a Path to Investment Grade Credit Metrics and Timing of Fourth Quarter 2019 Results
NorthWest Healthcare Properties Real Estate Investment Trust Announces an Update on Key St...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n\n\n\nNorthWest Healthcare Properties Real Estate Investment Trust Announces an Update on Key Strategic Initiatives Providing a Path to Investment Grade Credit Metrics and Timing of Fourth Quarter 2019 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 7, 2020\n\n\n\nTORONTO, Feb. 7, 2020 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the \"REIT\") is pleased to announce an update on the REIT's key strategic initiatives including: (i) growth of the REIT's asset management platform with the formation of a new $3.0 billion (€2.0 billion) European joint venture which increases Global capital commitments to $10.0 billion; (ii) European expansion into the United Kingdom with the acquisition of a $167.0 million (£97.8 million) six-hospital portfolio leased to BMI Healthcare Limited (\"BMI\") on a long term, triple net, inflation indexed basis; and, (iii) Australasian portfolio management initiatives targeted at simplifying its leading regional platform, providing a clear path to investment grade credit metrics.\nFor further information please refer the REIT's investor presentation available on our website.\nGrowth of asset management platform \nOn January 31, 2020 the REIT reached agreement on heads of terms with a global institutional investor to form a new $3.0 billion (€2.0 billion; including targeted 65% financing) joint venture to pursue healthcare real estate acquisitions initially in Germany and the Netherlands with infrastructure-like characteristics including long WALE, triple net leases with inflation linked annual rental growth (the \"European JV\"). The REIT will retain a 30% economic interest in the JV with its partner having a 70% interest. As part of the transaction the REIT has agreed to vend in an initial seed portfolio (the \"European Seed Portfolio\") comprising 8 German rehabilitation clinics and 3 Dutch out-patient clinics valued at approximately $303 million (€209 million), representing a premium to Q3 2019 reported values . NorthWest will act as the inv...