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NorthWest Healthcare buying Brazilian hospital for 259M reais

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NorthWest Healthcare buying Brazilian hospital for 259M reais

NorthWest Healthcare Properties REIT agreed to acquire Hospital Morumbi in São Paulo for 258.8 million Brazilian reais from private hospital operator Rede D'Or.

The deal, agreed subsequent to the second quarter, reflects a 7.5% cap rate, according to the Canadian trust's second-quarter earnings release. It includes the acquisition of the hospital administration building at the REIT's existing HMB property and the future acquisition of an in-progress development of a new out-patient care building on the site for a combined C$30 million, as well as a renewed 25-year lease for the entire project upon completion.

The acquisition will be funded with net proceeds from the sale of initial assets to the A$2 billion Australian joint venture it recently set up with Singaporean wealth fund GIC Pvt. Ltd. The deal is expected to close in the third quarter, subject to closing conditions.

As of Aug. 8, US$1 was equivalent to 3.74 Brazilian reais.