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SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TSX: NWH.UN
TORONTO, March 31,
2022 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH) ("NorthWest" or the "REIT") is
pleased to announce today that it has completed its previously
announced public offering (the "Public Offering") of 12,500,500
trust units ("Units") of the REIT at a price of $13.80 per Unit for total gross proceeds of
$172,506,900, which includes proceeds
from the full exercise of an over-allotment option to purchase up
to an additional 1,630,500 Units. The Public Offering was conducted
on a bought deal basis through a syndicate of underwriters (the
"Underwriters") co-led by Scotiabank and RBC Capital Markets.
Together with the previously announced $15 million private placement to NorthWest Value
Partners Inc. ("NWVP"), which is expected to close in May 2022 (the "Private Placement" and together
with the Public Offering, the "Offering"), the total gross proceeds
of the Offering are expected to be approximately $187.5 million.
Upon closing of the Private Placement, NWVP will hold an
approximate 12.8% effective interest in the REIT through ownership
of Units and Class B LP units.
The REIT intends to use the net proceeds of the Offering to
partially fund its previously announced binding agreement to
acquire a portfolio of US healthcare real estate for $764.3 million, as described in its March 15, 2022 press release (the "US
Acquisition"). The remaining proceeds, if any, will be used to fund
future acquisitions, to repay amounts outstanding on its credit
facilities and for general trust purposes.
The Units were offered in each of the provinces and territories
of Canada pursuant to the REIT's
base shelf prospectus dated November 27,
2020. The terms of the Offering are described in a
prospectus supplement filed with Canadian securities regulators. A
copy of the prospectus supplement is available under the REIT's
profile on the SEDAR website at www.sedar.com.
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. As at Q4-2021 and pro
forma the US Acquisition, 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
224 income-producing properties and over 17.6 million square feet
of gross leasable area located throughout major markets in
Canada, Brazil, Europe, 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 250 professionals across
11 offices in eight countries to serve as a long term real estate
partner to leading healthcare operators.
Forward Looking Information
This press release contains "forward-looking statements" within
the meaning of applicable securities laws, including statements
about the Public Offering and the proposed use of proceeds thereof,
the expected closing of the Private Placement and the US
Acquisition, NWVP's expected ownership levels, and the repayment of
debt. The forward-looking statements in this news release are based
on certain assumptions, including without limitation that all
conditions to completion of the Private Placement will be satisfied
or waived and that the REIT will be able to complete the US
Acquisition on the terms previously proposed and disclosed. 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 the risk that the
Private Placement and the US 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 REIT's annual
information form dated March 29,
2021, and the REIT's prospectus supplement dated
March 25, 2022 and the REIT's other
public filings, copies of which each may be obtained on the SEDAR
website at www.sedar.com. Many factors could cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by these forward looking statements. The REIT does not
intend to, nor assume, any obligation to update these forward
looking statements whether as a result of new information, plans,
events or otherwise, unless required by law.
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.
SOURCE NorthWest Healthcare Properties Real Estate Investment
Trust