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
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