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Northwest Healthcare Properties Real Estate Investment Trust Announces Closing of Australian Seed Portfolio Sale into Institutional Joint Venture
Northwest Healthcare Properties Real Estate Investment Trust Announces Closing of Australi...
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[{"type":"text","content":"\n\n\n\nNorthwest Healthcare Properties Real Estate Investment Trust Announces Closing of Australian Seed Portfolio Sale into Institutional Joint Venture\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, Sept. 21, 2018 -\n\n\n\nTORONTO, Sept. 21, 2018 - /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the \"REIT\" or \"NorthWest\") announced today that as part of its previously announced A$2.0 billion (debt and equity) Australian healthcare joint venture (\"Joint Venture\" or \"JV\"), the closing of the sale of a 70% interest in three Australian income producing properties and one development property (collectively the \"Seed Portfolio\") with an as-complete value of A$412 million.  As part of the transaction, the JV also entered into a new A$500 million Loan Facility, for financing of the Seed Portfolio, ongoing development, and future investments, and into property and development management agreements with Australian affiliates of NorthWest. Net proceeds from the transaction of approximately A$180 million will be used for debt repayment, to fund future acquisitions, and for general corporate purposes.\nCommenting on the transactions Paul Dalla Lana, Chairman and CEO of the REIT, noted \"The closing of the Seed Portfolio sale concludes the initial phase of our institutional partnership in Australia. We are excited for the opportunity to further grow this important relationship and add value to a sophisticated global investor. The Joint Venture, in conjunction with NorthWest's already significant global and regional resources, provides significant additional capacity to continue to execute on our business plan and build on our market leading Australasian real estate platform.\"\nAbout NorthWest Healthcare Properties Real Estate Investment Trust\nNorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (NorthWest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. As at June 30, 2018 the REIT provides investors with access ...