NorthWest Healthcare Properties REIT closed a bought-deal offering of C$125 million of 5.50% convertible unsecured subordinated debentures.

The company granted the offering's underwriters a 30-day option to buy up to C$18.8 million of additional debentures at C$1,000 apiece to cover overallotments.

NorthWest plans to use the offering's net proceeds, along with other resources, to repay C$105.6 million of corporate debt, including the company's 7.25% convertible unsecured subordinated debentures maturing Oct. 31, 2019, and for the acquisition of two German medical office properties in Berlin and Leipzig for C$30.6 million.

RBC Capital Markets and BMO Capital Markets co-led the syndicate of underwriters on the offering.