TORONTO, Dec. 3, 2012 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (the "REIT") (TSXV: MOB.UN) today announced the refinancing of four of its five German MOB properties.
The REIT entered into a new mortgage for $22,229,000 (€17,300,000), with a five year term maturing in November 2017, a fixed interest rate of 2.50% per annum and a 40 year amortization period. The proceeds from this mortgage, along with $1,417,278 (€1,103,025) of cash, were used to pay out the existing mortgage financing. At the same time, the REIT paid down $386,250 (€300,000) of its line of credit with the original lender. The refinancing is expected to be immediately accretive to the REIT.
About NorthWest International Healthcare Properties REIT ("NorthWest")
NorthWest is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. Including its investment in Vital Healthcare Property Trust (NZX: VHP), the REIT holds interests in a portfolio of 31 income-producing properties, with a focus on internationally-located medical office buildings and healthcare real estate, comprising approximately 1.5 million square feet of gross leasable area located in Australia, Brazil and Germany.
SOURCE NorthWest International Healthcare Properties Real Estate Investment Trust