TORONTO, April 28,
2022 /CNW/ - NorthWest Healthcare Properties Real
Estate Investment Trust (TSX: NWH.UN) ("NorthWest" and the "REIT"),
Canada's leading global
diversified healthcare real estate investment trust, is pleased to
provide an update on recently announced developments at NSX-listed
Vital Healthcare Property Trust (NZX: VHP.UN) ("Vital Trust").
NorthWest manages Vital Trust and is its largest Unitholder
with an approximate 27.5% interest.
On April 26, 2022, Vital Trust
announced the appointment of Ms. Angela
Bull as an Independent Director and member of Vital's audit
committee. Ms. Bull replaces Andrew
Evans who, after 15 years in these roles, will retire.
Commenting on the Vital board renewal, its independent chair,
Graham Stuart, said:
"The Board appreciates Andrew's long and
committed service to the Manager and Vital. During Andrew's tenure,
Vital's assets have grown from ~$250M
to ~$3BN, net tangible assets have
grown from $1.30 to $3.12 per unit and Vital's total unitholder
returns have averaged 11.2% per annum.
We welcome Angela onto our Board and look
forward to her applying her extensive skills and experience in
property, law and governance to help continue to deliver superior
returns for Vital's unitholders."
Separately, on April 28, 2022,
Vital Trust announced a NZ$200M (C$166M) capital raise and strategic entry into
New Zealand's South Island by way
of NZ$225M (C$188M) of acquisitions
and developments. Commenting on Vital's acquisitions and
developments, its fund manager, Aaron
Hockly, said:
"The acquisitions announced today will
enhance Vital's geographic diversification and mark our
strategic entry into New Zealand's
South Island. They are an opportunity for us to build new
relationships with quality tenants and are expected to support AFFO
growth for Vital's unitholders. There will be immediate
development upside available for both acquisitions.
In addition, we are delighted to announce two
additional developments that have arisen from our
long-standing relationships with New
Zealand's three largest private hospital operators.
These developments will enable us to provide additional health
infrastructure for Auckland
whilst also providing AFFO and valuation growth for Vital's
unitholders. The acquisitions and developments announced
today include a range of sustainability features consistent
with Vital and the Manager's sustainability commitments."
Additional details on Vital Trust's capital raise as well as its
recently announced acquisitions and developments are available on
its website at https://www.vitalhealthcareproperty.co.nz/.
In support of Vital Trust's capital raise and investment
activity, the REIT has agreed to subscribe for its pro rata share of the NZ$200M (C$166)M capital raise, representing an
investment of NZ$55M (C$46)M. The
REIT's acquisition of additional Vital Trust units will be funded
from existing resources and when combined with resulting management
fees will be accretive to the REIT's AFFO on a per unit basis.
About NorthWest Healthcare Properties
Real Estate Investment Trust
NorthWest is a global real estate investor, asset manager and
developer focused on properties and partnerships at the
intersection of healthcare, knowledge and research. Founded in
2004, NorthWest (TSX: NWH.UN) owns and operates a $10 billion portfolio of 224 high quality
healthcare properties across Canada, the United
States, Brazil, the UK,
Germany, the Netherlands, Australia, and New
Zealand. With 300 professionals operating in 7 countries,
NorthWest brings a global view, local execution capabilities, and a
long-term ownership strategy which allows it to serve as a real
estate partner of choice to leading healthcare operators around the
world.
SOURCE NorthWest Healthcare Properties Real Estate Investment
Trust