TORONTO, Jan. 29, 2018 /CNW/ - NorthWest Healthcare Properties REIT (NorthWest) (TSX: NWH) today announced the integration of its market leading, best practice management platforms in Australia and New Zealand.
The operational integration of its Vital Healthcare Management Limited and Generation Healthcare Management Pty Ltd management teams results in an additional investment and strengthening of its industry leading healthcare real estate management platform in Australia and New Zealand.
The integrated platform will be overseen by Bernard Crotty, President NorthWest and will consist of 30 team members located in Melbourne, Australia and Auckland, New Zealand providing unmatched sector expertise, relationships and skill sets.
David Carr and Stuart Harrison will continue in their respective manager roles as CEO and CFO of Vital Healthcare, and will report to Mr. Crotty. Mr. Harrison will take on the additional role of Regional Finance Director of the newly integrated NorthWest Australia and New Zealand management platform. Also reporting to Mr. Crotty will be Executive Directors Richard Roos and Chris Adams who will lead NorthWest's investment, asset management and development teams in the region, with appropriate protocols in place, relating to areas of potential conflict of interest.
The integrated management platform will be rebranded, with the combined platform to be known as NorthWest Healthcare Properties Management. The management entity will provide management services to both Vital Healthcare Property Trust (Vital) (NZX: VHP) and Generation Healthcare REIT (a wholly owned NorthWest entity). Generation Healthcare REIT will be rebranded to NorthWest Healthcare Properties Australia REIT and Vital's name and branding will not change.
Commenting on the platform integration, Paul Dalla Lana, Chairman and CEO of NorthWest said:
"We are very excited by the integration of our industry leading management platforms in Australia and New Zealand. This step will allow us to offer an enhanced service, solutions and sector expertise to our tenants and partners in the region.
NorthWest's consolidated business interests in the region aggregate to A$2.5bn (C$2.4bn)and with a pipeline of projects currently totalling more than A$600m (C$600m), we are the clear market leader as a healthcare real estate capital partner and investor in the region.
With a highly experienced team of industry experts, key sector relationships and a proven, value-add track record, the business is well positioned to execute on its stated scale and diversification strategy and continue to deliver sustainable distributions and long term value creation for both Vital and NorthWest unitholders."
NorthWest also announced today that Miles Wentworth, the Generation Healthcare REIT CEO, will transition to a Board and Advisory role within the NorthWest Healthcare Properties Australian and New Zealand management platform in April 2018, following his decision to devote more time to his family and other personal interests.
Paul Dalla Lana, said:
"Miles has been instrumental in the formation, growth and scale of the Generation business. We are very pleased to be able to retain Miles' specialist skills, experience and key relationships within our business."
Miles Wentworth said:
"I am immensely proud of having been the CEO of Generation Healthcare REIT since its inception which totals just over 11 years. To be part of a team that has created exceptionally high quality healthcare property which has enhanced the services provided to the Australian public, whilst providing an attractive investment product for the full spectrum of investors is exceptionally satisfying. I look forward to a continued involvement in the sector, albeit with a materially reduced time commitment, with NorthWest Healthcare Properties in the Australian and New Zealand region."
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX:NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 144 income-producing properties and 9.7 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. The REIT's portfolio of medical office buildings, clinics, and hospitals is characterized by long term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 180 professionals across nine offices in five countries to serve as a long term real estate partner to leading healthcare operators.
This press release contains forward-looking statements which reflect the REIT's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust