NorthWest Healthcare Properties Acquires Medical Building in Peterborough

November 05, 2010 / Elizabeth Buckley, Commercial Property Analyst

A deal was signed by NorthWest Healthcare Properties REIT to acquire Alexander Medical Building in Peterborough, Canada, for $8.6 million. The 30,500-square-foot, multiple-tenant medical building is located close to the newly constructed Peterborough Regional Hospital.

NorthWest Healthcare Properties Acquires Medical Building in Peterborough

The deal on the medical building is expected to close on the last quarter of this year.

According to the NorthWest Healthcare’s press release, the medical building is 95 per cent leased to a pharmacy, a blood laboratory, a diagnostic imaging facility, specialist physicians, and specialist physicians. The income of the recently acquired building is expected to directly accretive to the company’s profits.

NorthWest Healthcare Properties REIT is Canada’s biggest non-government and manager of healthcare facilities and medical building. The company had about 46 properties situated from coast to coast, including chief concentrations in Edmonton, Calgary, Toronto, Halifax, and Montreal. It has approximately 3.0 million square feet of net leasable space in New Brunswick, Nova Scotia, Alberta, British Columbia, Ontario, and Quebec.

The total acquirement price of $8.6 million for the medical property is subject to regulations that represent about an eight per cent capitalization charge concerning to the in-place yearly gross operating revenue from the building, which comprises also with profits from rented parking areas.

This acquisition is NorthWest Healthcare Properties’ fifth since March 25, 2010, the company’s initial public offering. It is also the company’s twentieth property in the Ontario Region.

According to the company, the property’s purchase is financed from existing income. The medical building will also be obtained with no and clear mortgages.

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