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NorthWest Acquires Hospitals In Germany, Australia And New Zealand

Medical

NorthWest Healthcare Properties Real Estate Investment Trust has agreed to acquire five German medical properties and five hospitals in Australia and New Zealand for $314M.

The deals come with a commitment of $182M for planned hospital expansions.

NorthWest reports the German properties — acquired for $127M — include three medical office properties in Berlin and Hamburg and two post-acute-care hospitals operated by Median Kliniken.

NorthWest Australia, a wholly owned subsidiary of the REIT, has agreed to acquire the remaining 50% interest in Epworth Freemasons Hospital in Melbourne for $52.2M. In addition, NorthWest Australia has committed to an $85.3M expansion at the site, which is fully leased to the Epworth Foundation.

The Ontario-based NorthWest trust has a diversified portfolio of 144 income-producing properties and 9.7M SF of gross leasable area throughout major markets in Canada, Brazil, Germany, Australia and New Zealand. In Canada, the REIT operates 57 buildings, including Toronto’s Danforth Medical Centre, The Stewart Building and the 89-101 Queensway Professional Centre, that total 4M SF, 1,600 tenants and an estimated 7,500 healthcare professionals.