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NorthWest Healthcare Properties Real Estate Investment Trust Comments on COVID-19 Impact, Implementation of NCIB and $380 Million of Liquidity
NorthWest Healthcare Properties Real Estate Investment Trust Comments on COVID-19 Impact, ...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n\n\n\nNorthWest Healthcare Properties Real Estate Investment Trust Comments on COVID-19 Impact, Implementation of NCIB and $380 Million of Liquidity\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\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 19, 2020\n\n\n\nTORONTO, March 19, 2020 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (the \"REIT\") (TSX: NWH.UN), Canada's leading global diversified healthcare real estate investment trust, today issued the following statement regarding the evolving COVID-19 pandemic:          \n\"At Northwest, the safety of our tenants, our employees and the broader community is our top priority and we are carefully monitoring the efforts to manage and contain COVID-19 across our global markets. As at March 18, 2020 we are not aware of any known cases at our facilities and we continue to work with our operating partners to take appropriate cautionary measures.\" \nPaul Dalla Lana, CEO of the REIT, went on to say \n\"The REIT's focus is on the cure segment of healthcare and specifically partnering with best-in-class hospital operators and government-funded public health systems.  Those systems are essential to the delivery of primary and acute healthcare services, and are vitally important as multiple nations respond to this global pandemic. We are humbled by and grateful for the front-line work being done by our partners.  \nWhile the work of our partners has changed, our core real estate business remains very stable. To ensure that stability, we are taking steps to increase liquidity, conserve cash and fortify the REIT's balance sheet. In this context, we continue to execute on our deleveraging strategy by generating up to $380 million of liquidity through strategic asset sales into our joint venture platforms by the end of Q2 2020.\"\nUpdate on Strategic Initiatives \nAs previously disclosed, the REIT is well advanced in respect of $697 million of Australian and European asset sales, which will generate approximately $237 million of net p...