NorthWest International Healthcare Properties REIT Announces Acquisition Of German Medical Office Building

NorthWest International Healthcare Properties REIT announced that it has entered into an agreement to acquire Medicum Muensterfeld - a newly constructed medical office complex located in Fulda, Germany, approximately 100km northeast of Frankfurt, Germany. At approximately 120,000 square feet, Medicum Muensterfeld is 99% occupied with a weighted average lease expiry of 7.1 years. The property has a diversified tenant base focused on healthcare related users and orthapedic services which benefit from the building's close proximity to the Klinikum Fulda - one of Fulda's hospitals. The purchase price of approximately CAD20.3M, subject to customary closing adjustments represents an approximate 7.0% in-place cap rate. The REIT's investment will be funded from existing resources and new mortgage financing from Deutsche Genossenschafts-Hypothekenbank for CAD12.2M with a five year term, a fixed interest rate of approximately 2.50% per annum and a 40 year amortization period. The acquisition is expected to close during the first quarter of 2013.