On March 25, 2010, NorthWest Healthcare Properties Real Estate Investment Trust (“NorthWest”) completed its initial public offering of 17,500,000 units at $10 per unit for gross proceeds of $175 million. The offering was underwritten by a syndicate of underwriters led by RBC Capital Markets and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Financial Ltd., Macquarie Capital Markets Canada Ltd. and Versant Partners Inc. (the “underwriters”).
On April 7, 2010, the underwriters exercised their over-allotment option in full and purchased an additional 1,250,000 units which increased the total gross proceeds of the offering to $187.5 million. On closing, NorthWest was provided with a new $35 million revolving credit facility by a Canadian chartered bank with an initial term of one year and will be used by NorthWest for future acquisitions and working capital purposes.
NorthWest holds a portfolio of 45 income-producing properties, with a focus on medical office buildings primarily occupied by doctors, dentists, other medical professionals and related healthcare service providers such as pharmacies, laboratories and diagnostic imaging clinics.
NorthWest was represented by Goodmans LLP with a team that included Stephen Pincus, Bill Gorman, Brenda Gosselin, Scott MacIntosh and Brian Savage (corporate/securities); Stephen Belgue (real estate/finance); Vanessa Yeung (finance); Alan Bowman and Jarrett Freeman (tax) and Richard Annan (competition).
The underwriters were represented by McCarthy Tétrault LLP with a team that included Graham Gow, Wendi Locke, Matthew Appleby and Danielle Traub (corporate/securities); Bram Green and Jamie Orzech (real estate); and Gabrielle Richards and Elaine Jewitt-Matthen (tax).