NWH Australia AssetCo Pty Ltd., as trustee for NWH Australia Asset Trust, a controlled entity of Canada-based NorthWest Healthcare Properties Real Estate Investment Trust, has entered into definitive agreements to acquire 11 freehold hospital property assets in Australia from Australian Stock Exchange–listed Healthscope Ltd. and its affiliates for approximately C$1.2 billion ($920 million) as part of a sale-leaseback transaction.
Through leveraging its capital relationships, NorthWest intends to structure the transaction such that it will manage the portfolio and ultimately maintain an approximately 25 percent to 30 percent ownership interest.
The portfolio consists of 43 private hospitals concentrated in large metropolitan centers throughout Australia. By value, the portfolio represents approximately 51 percent of Healthscope’s total freehold property portfolio being sold, with the remainder being acquired by a third-party investor, on the same terms.
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