|Northwest Healthcare Properties REIT Successfully Completes Acquisition of 93.6% of Generation Healthcare REIT and Triggers Compulsory Acquisition of Remaining Units|
TORONTO, June 9, 2017 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the "REIT") announced today that its wholly owned subsidiary, NorthWest Australia, has acquired 93.6% of all units (Units) in Generation Healthcare REIT (ASX:GHC) (Generation) as at the scheduled expiration of its all cash A$2.30 unconditional offer (Offer) to acquire all outstanding Units.
Northwest Australia will now proceed to compulsorily acquire all of the Units that it has not yet acquired under the Offer in accordance with applicable Australian laws and related procedures and expects that such processes will be completed and that Generation will become a wholly owned subsidiary of NorthWest prior to July 31, 2017.
Generation will continue to be led by CEO Miles Wentworth and Director Chris Adams.
Paul Dalla Lana, Chairman and CEO of NorthWest indicated that the successful completion of the Offer was extremely pleasing noting:
"We are excited to be including 100% of the Generation assets in the NorthWest portfolio and look forward to working with Miles Wentworth and Chris Adams in Australia going forward as we build on the foundation that Generation has put in place. The completion of this step marks an important growth milestone for NorthWest."
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest 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. NorthWest provides investors with access to a portfolio of high quality healthcare real estate assets comprised of interests in a diversified portfolio of 142 income-producing properties and 9.5 million square feet of gross leasable area. Its properties are located throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. NorthWest'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, NorthWest leverages over 180 professionals across 9 offices in 5 countries to serve as a long term real estate partner to leading healthcare operators.
About Generation Healthcare REIT
Generation Healthcare REIT (ASX: GHC) is the only ASX listed healthcare real estate investment entity. Generation owns 16 properties including hospitals, medical centres, laboratories, residential aged care facilities and other purpose-built healthcare facilities. Generation also has an identified development pipeline comprising two projects under construction and one pending. Generation partners with high quality healthcare tenants with strongly diversified income streams. Generation has total assets of approximately A$621 million with investments located in Victoria, New South Wales and Queensland.
For further information please contact the NorthWest Offer Information Line from within Australia on 1 800 129 431 or from outside Australia on +61 1800 129 431.
This press release contains forward-looking statements which reflect NorthWest and NorthWest Australia's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. NorthWest and NorthWest Australia disclaims any obligation to update these forward-looking statements.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust