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TORONTO,
Dec. 18, 2013 /CNW/ - NorthWest
International Healthcare Properties Real Estate Investment Trust
(TSXV: MOB.UN) (the "REIT") announced today the closing of its
previously announced offering of 9 million trust units of the REIT
(the "Units") at a price of $2.00 per
Unit for gross proceeds of $18,000,000 (the "Offering"). The Offering
was conducted by a syndicate of underwriters co-led by GMP
Securities L.P. and National Bank Financial Inc., acting as joint
bookrunners, and including Canaccord Genuity Corp., Dundee
Securities Ltd., Scotiabank, Desjardins Securities Inc. and
Manulife Securities Incorporated (collectively, the
"Underwriters").
The REIT has granted the Underwriters an
over-allotment option exercisable at any time up to the date that
is 30 days from the date of closing of the Offering to offer for
sale up to an additional 1,350,000 Units at a price of $2.00 per Unit for additional gross proceeds of
up to $2,700,000 on the same terms
and conditions as the Offering.
The net proceeds from the Offering are expected
to be used to fund future acquisitions (including a portion of the
purchase price for the Rede D'Or Hospital Portfolio Acquisition, as
defined and detailed in the REIT's press release dated September 30, 2013), for repayment of debt and
for general trust and working capital purposes. The Rede D'Or
Hospital Portfolio Acquisition is expected to close on or about
December 20, 2013.
As previously disclosed, the REIT has announced
that it will increase the amount of the monthly distribution
payable to unitholders following completion of the Offering and the
Rede D'Or Hospital Portfolio Acquisition from $0.0133 per unit ($0.16 per unit annualized) to $0.0183 per unit ($0.22 per unit annualized). The increased
distribution will take effect on the first day of the month
following completion of the Offering and the Rede D'Or Hospital
Portfolio Acquisition. For clarity, the proposed increase in the
REIT's monthly distribution will not be effected if the Rede D'Or
Hospital Portfolio Acquisition is not completed.
About NorthWest International Healthcare
Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real
estate investment trust established under the laws of the Province
of Ontario. The REIT's objectives
are to: (i) provide its unitholders with stable and growing cash
distributions from investments focused on international healthcare
properties, on a tax efficient basis; (ii) enhance the value of the
REIT's assets and maximize long-term unit value; and (iii) expand
the asset base of the REIT.
Forward Looking Information
This news release contains "forward-looking
statements" within the meaning of applicable securities laws,
including statements regarding the Offering, the proposed Rede D'Or
Hospital Portfolio Acquisition and the proposed increase in the
monthly distribution. These forward-looking statements are subject
to a number of risks and uncertainties that could cause actual
results or events to differ materially from current expectations,
including risks that the Rede D'Or Hospital Portfolio Acquisition
will not be completed on the terms proposed, or at all. The
statements in this news release are made as of the date of this
release. Although the REIT believes that the assumptions inherent
in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and,
accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. A
discussion of the risk factors applicable to the REIT is contained
under the heading "Risk Factors" in the short-form prospectus of
the REIT dated December 12, 2013, the
REIT's annual information form dated March
11, 2013 and audited consolidated financial statements and
management's discussion and analysis for the year ended
December 31, 2012, a copy of which
may be obtained on the SEDAR website at www.sedar.com."
These securities have not been and will not
be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws
and may not be offered or sold in the
United States or to U.S. persons except in compliance with
the registration requirements of the U.S. Securities Act and
applicable state securities laws or pursuant to an exemption
therefrom. Accordingly, this news release does not constitute an
offer for sale of securities in the
United States.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE NorthWest International Healthcare Properties REIT