Northwest Healthcare Properties REIT Goes on a Buying Spree
How does Northwest Healthcare Properties REIT explain its recent acquisition tear? The company calls it an “ongoing portfolio optimization strategy.” Last week, the REIT said it paid $13.7M for a two-building complex at 81-85 The East Mall and plans to renovate one of the buildings to become the future home of the Etobicoke Family Health Team. The other building, 81 The East Mall, is "substantially occupied," the REIT said. The complex, with a total rentable area of 82k SF, is Northwest's 11th property in the Greater Toronto Area.
Northwest also acquired a parcel of land on Bayview Drive in Barrie and will build a three-storey, 79k SF medical office building slated to open in 2016. This will be the new home for the Barrie Family Health Team, among other healthcare users. The property is the REIT's first in Barrie, where Northwest has established its central Ontario office to support its other properties in nearby Collingwood, Orillia, Midland, and in Owen Sound—where it just purchased a 73.5k SF office building for $23M.
