Business
NorthWest Healthcare Properties Real Estate Investment Trust Announces Successful Completion of its Previously Announced $1.2BN Australian Hospital Portfolio Acquisition
NorthWest Healthcare Properties Real Estate Investment Trust Announces Successful Completi...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n\n\n\nNorthWest Healthcare Properties Real Estate Investment Trust Announces Successful Completion of its Previously Announced $1.2BN Australian Hospital Portfolio Acquisition\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, June 6, 2019\n\n\n\nTORONTO, June 6, 2019 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the \"REIT\") (TSX: NWH.UN), Canada's leading global diversified healthcare real estate investment trust, together with its existing institutional partner announced the successful completion of a $1.2 billion acquisition of 11 freehold hospitals from Healthscope Limited and its affiliates (\"Healthscope\") in a sale and leaseback transaction (the \"Property Transaction\").\nCommenting on the transaction, Paul Dalla Lana, Chairman and CEO of the REIT said, \"The completion of the Healthscope property acquisition marks the end of an intense year-long process. We are proud of the result that we achieved, excited to integrate these exceptional hospitals into our portfolio, and to expand our relationship with Healthscope.\" \nAcquisition of $1.2BN Australian Hospital Portfolio\nThe Property Transaction represents a rare opportunity to partner with Healthscope – one of Australia's leading private hospital operators with a portfolio of 43 private hospitals concentrated in large metropolitan centers throughout Australia, and to acquire a high-quality portfolio of 11 Australian hospitals. By value, the Portfolio represents approximately 51% of Healthscope's total freehold property portfolio being sold, with the remainder being acquired by a third party investor, on the same terms.\nThe Portfolio is expected to generate initial annual rental income of approximately $60 million resulting in a weighted average capitalization rate of 5.0%. The Portfolio is 100% occupied by Healthscope on an absolute quadruple net lease basis with the tenant responsible for all property costs including maintenance capital expenditures. The leases have a weighted average expiry of 20 years and are subject to fixed annual rent increases ...