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Canada  + Cross Border News + Ontario  + Healthcare  | 
Northwest Healthcare Properties REIT has appointed Stephanie Karamarkovic as its new CFO amid an ongoing strategic review.

Northwest Extends Credit, Sells Non-Core Assets

Northwest Healthcare Properties REIT has extended its credit facility and sold non-core assets as part of an ongoing effort to boost its unit value.

Toronto-based Northwest stretched the maturation date on its C$172-million credit facility with a syndicate of Canadian lenders by one year to January 2025, Northwest announced in a news release.

Northwest expects to earn an additional $50 million in the fourth quarter of 2023 from non-core asset sales after generating $74 million so far this year. Another $100 million in dispositions are under contract or on the market.

The REIT also expects to sell or redeem the balance of its Australian Unity Healthcare Property Trust holdings for $110 million to $120 million following a settlement with its manager.

Meanwhile, Northwest has reduced its monthly distribution to $0.03 per unit from $0.07 per unit and hired Scotiabank, RBC Capital Markets and Deutsche Bank Securities and law firm DLA Piper to assist with an ongoing strategic review.

Northwest launched the review in August after revamping its leadership team.


Inside The Story

Northwest Healthcare Properties REITCraig Mitchell

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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