TSX-V: MOB.UN
TORONTO, April 30, 2015 /CNW/ - NorthWest
International Healthcare Properties Real Estate Investment Trust
(TSXV: MOB.UN) ("NWI", the "REIT") today announced significant
leasing and tenant activity that further strengthens its market
leading portfolio of high quality international healthcare real
estate assets. In Australia, Vital
Healthcare Property Trust ("Vital Trust"), entered into a long-term
hospital lease with the country's largest private hospital operator
– Ramsay Health Care Limited (ASX: RHC) ("Ramsay"). In
addition, the REIT announced an upgrade to the credit profile of
its largest tenant, hospital operator Rede D'Or São Luiz ("Rede
D'Or"), the largest private hospital operator in Brazil.
Commenting on the announcement, Chairman & CEO of the REIT,
Paul Dalla Lana said:
"We are excited to report positive developments in our
Australian and Brazilian healthcare real estate portfolios that
validate our strategy of investing in healthcare infrastructure
assets in major international markets. With 99% of international
rents indexed to inflation and 99% occupancy, NWI is uniquely
positioned to deliver stable growing cash flows and value accretion
by focusing on long-term net leases to investment-grade healthcare
operators."
Long-term Lease to Ramsay at Allamanda Private
Hospital
Vital Trust recently announced that it has entered into an
unconditional agreement with Ramsay for a new 21 year net lease of
100% of Allamanda Private Hospital in Southport, Gold
Coast, Australia commencing in November 2016 upon the expiration of the current
tenant's lease term. The net lease carries an initial annual
rent of A$2.4M (C$2.3M) and includes annual CPI increases and
periodic reviews to market. With 212 hospitals and day surgery
facilities across Australia,
France, the United Kingdom, Indonesia and Malaysia, Ramsay is one of the top five
private hospital operators in the world with an enterprise value in
excess of A$14.0BN (C$13.5BN).
Commenting on Vital Trust's long-term lease with Ramsay, David
Carr – President of NWI subsidiary, Vital Healthcare
Management Limited ("VHML") & CEO of Vital Trust, said:
"The lease to Ramsay, a leading global hospital operator is a
significant milestone for Vital. It improves an already industry
leading average lease term of over 15 years and reduces Vital's
average annual lease expiry profile to only 2.2% of portfolio rent
per annum. To secure a long-term lease with one of the
world's largest private hospital operators is a fantastic outcome.
"
The REIT has an approximate 24% interest in Vital Trust and also
acts as its asset manager through its subsidiary VHML.
Upgrade to the Liquidity and Credit Profile of Rede
D'Or
The tenant at four of the REIT's hospitals, Rede D'Or – the
largest private hospital operator in Brazil, announced an equity investment of
R$1.8BN (C$720.0M) from the Carlyle Group (NASDAQ:CG). The
equity investment values Rede D'Or at R$19.0BN (C$7.6BN)
and served as the catalyst for its credit rating upgrade to 'AA-'
on a National scale and to 'BB' on a Global scale.
Rede D'Or operates more than 4,500 beds in 27 owned and two
managed hospitals, in addition to 30 oncology clinics, with a
presence in Rio de Janeiro,
Sao Paulo, Pernambuco and
Brasilia and intends to
significantly strengthen and expand its platform, with plans to
invest approximately R$1.5BN
(C$600.0M) in existing and new
facilities in 2015. NWI is Rede D'Or's largest landlord and a
key partner in two of these planned expansions in regional
hospitals in Sao Paulo and
Brasilia.
For a virtual tour of Rede D'Or's flagship 200 bed hospital in
Rio De Janiero owned by the REIT,
please visit www.nwireit.com.
About NorthWest International Healthcare Properties Real
Estate Investment Trust
NWI is an unincorporated, open-ended real estate investment
trust established under the laws of the Province of Ontario. Including its investment in NWH and
Vital Healthcare Property Trust, NWI holds interests in a portfolio
of 122 income-producing properties, representing an internationally
diversified portfolio of medical office buildings and healthcare
real estate, comprising approximately 7.8 million square feet of
gross leasable area located in Australia / New
Zealand, Brazil,
Canada and Germany.
Disclaimer
Certain statements contained in this news release constitute
forward-looking information within the meaning of applicable
securities laws. In some cases, forward-looking information can be
identified by such terms such as "may", "might", "will", "could",
"should", "would", "occur", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential",
"continue", "likely", "schedule", or the negative thereof or other
similar expressions concerning matters that are not historical
facts.
NWI has based these forward-looking statements on factors and
assumptions about future events and financial trends that it
believes may affect its financial condition, financial performance,
business strategy and financial needs.
Although the forward-looking statements contained in this news
release are based upon assumptions that management of NWI believes
are reasonable based on information currently available to
management, there can be no assurance that actual results will be
consistent with these forward-looking statements. Forward-looking
statements necessarily involve known and unknown risks and
uncertainties, many of which are beyond NWI's control, including,
among other things, the risks identified each of NWI's materials
filed under its profile at www.sedar.com from time to time. The
forward-looking statements made in this news release relate only to
events or information as of the date hereof. Except as required by
applicable Canadian law, NWI undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events.
Reader Advisory
Neither the TSX Venture Exchange Inc. nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) has approved or disapproved the contents of this
press release.
SOURCE NorthWest International Healthcare Properties REIT