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NorthWest Healthcare Properties REIT expands bought-deal offering to C$225.1M

NorthWest Healthcare Properties REIT upsized its recently launched bought-deal offering to 18,450,000 trust units at a price of C$12.20 apiece.

The Canadian healthcare real estate investment trust expects to raise about C$225.1 million in gross proceeds from the public offering, which includes a 30-day option for the underwriters to buy up to 2,767,500 additional shares.

Combined with the C$25.0 million private placement to Northwest Value Partners Inc., the total offering size expanded to C$250.1 million, or about C$283.9 million if the overallotment option is fully exercised.

NorthWest Value will own effective interest in the REIT of roughly 16.0%, or about 15.7% if the overallotment option is fully exercised, upon settlement of the private placement, which is anticipated to occur in January 2020.

The REIT plans to use net proceeds to repay C$215 million of corporate debt and to expand its European platform through the purchase of two clinics in Germany and one medical office building in the Netherlands for a combined price of about C$68.5 million.

BMO Capital Markets, RBC Capital Markets and Scotiabank are leading the syndicate of underwriters for the public offering, which is slated to close on or about Dec. 19.