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TSX-V: MOB.UN
TORONTO, Sept. 2, 2014 /CNW/ - NorthWest
International Healthcare Properties Real Estate Investment Trust
(TSXV: MOB.UN) (the "REIT") announced today that it has completed
the previously announced German MOB Core Portfolio
Acquisition, by way of acquiring the fourteenth asset,
Hohenschonhausen, located in the City of
Berlin (the "Berlin Asset" or the "Property").
At approximately 58,000 square feet, the Berlin Asset is 96%
occupied with a weighted average lease expiry of 5.6 years. The
Property supports over 30 tenancies consisting of a range of
medical practitioners and related services, which benefit from
their proximity to 6 hospitals and over 3,000 hospital
beds.
The Berlin Asset was acquired at a purchase price of
$16.5M (EUR11.2M) and funded by new mortgage financing
from the REIT's existing German lender, DG Hyp, of $11.5M (EUR7.8M)
and existing resources. The mortgage financing bears a fixed
interest rate of 1.65% per annum for 3.5 years with a 40 year
amortization period. The acquisition is expected to be immediately
accretive.
The Option Portfolio
The REIT announced today that it has not exercised its option in
respect of two managed clinics located in the city of Berlin (the "Option Portfolio"). As part of
its on-going German MOB consolidation strategy the REIT continues
to evaluate various acquisition opportunities, including the Option
Portfolio.
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.
SOURCE NorthWest International Healthcare Properties REIT