{"id":1004296505,"date":"2019-02-05T05:07:03","date_gmt":"2019-02-05T13:07:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004296505"},"modified":"2019-02-05T05:07:03","modified_gmt":"2019-02-05T13:07:03","slug":"northwest-to-buy-900m-hospital-portfolio-in-australia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northwest-to-buy-900m-hospital-portfolio-in-australia\/","title":{"rendered":"NorthWest to Buy $900M Hospital Portfolio in Australia"},"content":{"rendered":"
\"Brisbane<\/a>

Brisbane Private Hospital<\/p><\/div>\n

Toronto-based NorthWest Healthcare Properties Real Estate Investment Trust recently entered into a definitive agreement that will increase its presence in Australia by 11 properties. The REIT will purchase a 1,539-bed portfolio from Sydney-based Healthscope Ltd. in a sale-leaseback transaction valued at approximately $920 million. Northwest announced the potential deal last year.<\/p>\n

\u201cThe scale and strategic nature of the acquisition also positions the REIT to leverage its existing global platform and capital relationships,\u201d<\/em> Paul Dalla Lana, chairman & CEO of NorthWest Healthcare Properties Real Estate Investment Trust, said in a prepared statement<\/p>\n

The Healthscope portfolio\u2014located predominantly in leading metropolitan centers in Melbourne, Sydney and Brisbane\u2014encompasses acute, rehabilitation and psychiatric hospitals, including the 181-bed Brisbane Private Hospital in Brisbane, Queensland, and the 277-bed Norwest Private Hospital in suburban Sydney. According to a 2018 report by CBRE, \u201cPrivate hospitals are an integral part of Australia\u2019s health-care system and have outperformed commercial core commercial real estate returns.\u201d<\/em><\/p>\n

Healthscope, the second largest private hospital operator in Australia, will continue to occupy the facilities in their entirety under long-term, quadruple net leases with an average length of 20 years. Additionally, the portfolio comes with a $400 million pipeline of brownfield developments and capital projects. <\/p>\n

NorthWest plans to partially finance the portfolio acquisition with an approximately $540 million property-level debt facility. The transaction is on schedule to close in the second quarter of 2019, after which the REIT will serve as manager of the 11 properties.<\/p>\n

Buying and selling<\/h2>\n

NorthWest has been busy fine-tuning its portfolio through acquisitions and dispositions, large and small. Transactions in 2018 included the sale of the approximately 416,600-square-foot Dundas-Edward Center office development in Toronto<\/a> for roughly $129 million. The REIT also entered into agreements to purchase three medical office assets and two post-acute care hospitals in Germany, as well as five hospitals in Australia and New Zealand for a total of approximately $239.5 million. More major acquisitions are likely on the horizon for the company.<\/p>\n

\u201cIn our markets, most of our operators, most of our partners continue to be relatively asset-heavy and need the capital sources that we provide, whether it’s part of natural growth or in the extreme situations like Healthscope,\u201d<\/em> Lana said during NorthWest\u2019s third quarter 2018 earnings conference call, Nov. 12, 2018.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a sale-leaseback transaction with Healthscope Ltd., the Toronto-based REIT will acquire 11 properties located in Melbourne, Sydney and Brisbane.<\/p>\n","protected":false},"author":969,"featured_media":1004517976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21754,21742],"tags":[32789,39262],"class_list":["post-1004296505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-medical-office","category-latest","tag-cbre","tag-northwest-healthcare-properties"],"acf":[],"yoast_head":"\nNorthWest to Buy $900M Hospital Portfolio in Australia - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northwest-to-buy-900m-hospital-portfolio-in-australia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthWest to Buy $900M Hospital Portfolio in Australia\" \/>\n<meta property=\"og:description\" content=\"In a sale-leaseback transaction with Healthscope Ltd., the Toronto-based REIT will acquire 11 properties located in Melbourne, Sydney and Brisbane.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northwest-to-buy-900m-hospital-portfolio-in-australia\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-05T13:07:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Brisbane-Private-Hospital.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1399\" \/>\n\t<meta property=\"og:image:height\" content=\"713\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northwest-to-buy-900m-hospital-portfolio-in-australia\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northwest-to-buy-900m-hospital-portfolio-in-australia\/\",\"name\":\"NorthWest to Buy $900M Hospital Portfolio in Australia - 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