August 01, 2018

NorthWest Healthcare launches $2 billion healthcare fund in Australia

Goodmans LLP acted for Northwest Healthcare (TSX:NWH.UN), a leading Canadian global diversified healthcare real estate investment trust, in its joint venture ("JV") agreement with a large Australian wealth fund.

The JV commitment is expected to be fully deployed over a 4 year period and once full deployed, Northwest expects to benefit from third-party fee bearing assets under management of approximately A$1.4 billion. As part of the JV commitment, Northwest has also agreed to sell three income producing properties and one development property (collectively the “Seed Portfolio”) to the JV with an as-complete value of approximately A$412 million. Northwest will redeploy net proceeds after repayment of property level financing from the Seed Portfolio sale of approximately A$180 million to fund future JV acquisitions, as well as pursue additional global investment opportunities.

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