GT Canada Medical Properties REIT Announces Overwhelming Unitholder Approval For C$170M Acquisition of International Healthcare Real Estate and Name Change to NorthWest International Healthcare Properties REIT
TORONTO, Oct. 30, 2012 /CNW/ - GT Canada Medical Properties Real Estate Investment Trust (TSXV:MOB.UN) (the "REIT") announced today that over 96% of eligible unitholders, excluding NorthWest Value Partners Inc. ("NorthWest"), voted in favour of (i) the REIT's previously announced acquisition of a C$170M portfolio of international healthcare real estate in Australia/New Zealand, Brazil and Germany from NorthWest; (ii) a series of external management arrangements with NorthWest International Healthcare Properties Management Corporation, an affiliate of NorthWest; and (iii) a put / call agreement with respect to NorthWest's interest in NorthWest Healthcare Properties REIT ("NWHP REIT") (collectively the "Approved Transaction").
Together with the previously announced disinterested unitholder approval for the sale of the REIT's existing medical office building portfolio to NWHP REIT (the "Disposition Transaction"), the Approved Transaction confirms minority unitholder support in respect of the REIT's reconfiguration to support NorthWest's international healthcare real estate initiatives.
In connection with the Approved Transaction, Paul Dalla Lana, CEO of the REIT and President of NorthWest commented:
"We are delighted to see such a high level of minority unitholder support for the Approved Transaction and the REIT's reconfiguration to support NorthWest's international healthcare real estate initiatives. The Approved Transaction offers a fantastic opportunity for the REIT to gain access to a high quality portfolio of international assets, a best-in-class management team and a pipeline of acquisition prospects for future growth."
NorthWest, NWHP REIT and the REIT are working towards completion of both the Approved Transaction and Disposition Transaction and expect the transactions to close in November 2012, with an effective date of October 1, 2012.
In connection with the transactions, the REIT will be changing its name to "NorthWest International Healthcare Properties Real Estate Investment Trust". The name change is expected to be effective upon the open of markets on November 2, 2012. The REIT's units will continue to trade under the symbol "MOB.UN".
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.
Certain statements contained in this news release may contain projections and "forward-looking statements" within the meaning of that phrase under Canadian securities laws. When used in this new release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions may be used to identify forward-looking statements. Those statements reflect the REIT's current views with respect to future events or conditions, including matters relating to the Approved Transaction and the Disposition Transaction and the REIT's growth prospects. By their nature, forward-looking statements reflect management's current views, beliefs and assumptions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, risks disclosed in the information circular of the REIT mailed in connection with the annual and special meeting of unitholders held October 30, 2012. 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.
SOURCE GT Canada Medical Properties Real Estate Investment Trust