Business
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES FINALIZATION OF ITS UK JOINT VENTURE, COMPLETION OF INITIAL NON-CORE ASSET SALES, TSX APPROVAL OF A NORMAL COURSE ISSUER BID AND SUSPENSION OF ITS DISTRIBUTION REINVESTMENT PLAN
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES FINALIZATION OF ITS UK JOI...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n \n \n \n NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES FINALIZATION OF ITS UK JOINT VENTURE, COMPLETION OF INITIAL NON-CORE ASSET SALES, TSX APPROVAL OF A NORMAL COURSE ISSUER BID AND SUSPENSION OF ITS DISTRIBUTION REINVESTMENT PLAN\n \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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 7, 2023\n \n \n /CNW/ - Northwest Healthcare Properties Real Estate Investment Trust (the \"REIT\") (TSX: NWH.UN), announces that its UK healthcare real estate joint venture will close in\n \n June 2023\n \n , the completion of the sale of its Bakersfield Hospital on\n \n May 31\n \n \n st\n \n , approval from the Toronto Stock Exchange (the \"TSX\") to acquire up to 10% of its public float under a normal course issuer bid and the suspension of its distribution reinvestment plan beginning with the upcoming\n \n June 2023\n \n distribution.\n \n \n \n UK Joint Venture (\"UK JV\")\n \n \n \n On\n \n June 7, 2023\n \n , the REIT and an institutional investor (the \"Investor\") waived conditions and finalized terms on the previously disclosed UK JV including an investment into the REIT's existing UK structure which holds a portfolio of 14 UK hospitals. The transaction, which is in line with the REIT's Q1-2023 IFRS value, includes the assumption of associated debt and other customary adjustments resulting in net consideration of approximately\n \n $276 million\n \n (£165.8 million). The UK JV will be owned 70% by the Investor and 30% by the REIT and will be externally managed by the REIT for market-based management fees.\n \n \n \n Update on Non-Core Asset Sales\n \n \n \n On\n \n May 31, 2023\n \n the REIT closed the sale of Bakersfield Hospital located in\n \n California, USA\n \n for\n \n $76 million\n \n (\n \n US$56 million\n \n ) at a 6.5% capitalization rate.\n \n Bakersfield\n \n hospital is a high-quality property but was considered non-core owing to it being the only acute care hospital in the REIT's US...