NorthWest Healthcare Properties REIT completes C$86.5 million equity financing
March 11, 2011
86.50 Million CAD
On March 9, 2011, NorthWest Healthcare Properties Real Estate Investment Trust (“NorthWest”) completed a public offering of 6,400,000 units at C$11.75 per unit for gross proceeds of C$75.2 million. The offering was underwritten by a syndicate led by RBC Capital Markets and included BMO Capital Markets, CIBC, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd. (the “Underwriters”).
On March 10, 2011, the underwriters exercised their over-allotment option in full and purchased an additional 960,000 units which increased the total gross proceeds of the offering to C$86.5 million.
NorthWest, headquartered in Toronto, Ontario, holds a portfolio of 52 income-producing properties, with a focus on medical office buildings primarily occupied by doctors, dentists, other medical professionals and related healthcare service providers such as pharmacies, laboratories and diagnostic imaging clinics.
McCarthy Tétrault LLP represented the underwriters, with a team led by Graham Gow.