NorthWest Healthcare Properties REIT completes three equity offerings

McMillan acted as counsel to a syndicate of Underwriters, co-led by BMO Capital Markets and RBC Capital Markets, in connection with three bought deal equity offerings by NorthWest Healthcare Properties Real Estate Investment Trust (TSX:NWH.UN) in 2019.

The first offering completed on February 26, 2019 had total gross proceeds of approximately $143.8 million. The proceeds will be used to pay some of the REIT’s corporate debt as well as support expansion plans in the German market through the acquisitions of two German medical office properties located in Berlin and Leipzig.

The second offering completed on July 31, 2019 had total gross proceeds of approximately $172.6 million. The proceeds will be used to repay approximately $120 million of high-cost corporate debt. The remainder of the net proceeds will be used to complete the previously announced acquisitions of a German medical office building and a rehabilitation hospital.

The third offering completed on December 19, 2019 had total gross proceeds of approximately $225 million. The proceeds will be used to repay corporate debt as well as to expand NorthWest’s European platform through the acquisition of three properties (two clinics in Germany and one medical office building in the Netherlands).

McMillan represented the Underwriters with a team comprising of Georges Dubé, Jeffrey Gebert, Valenteena Samra (Capital Markets & Securities), Andrew Stirling (Tax) and Mervyn Allen (Commercial Real Estate).