NorthWest Healthcare Properties REIT acquires Edmonton office building

NorthWest Healthcare Properties Real Estate Investment Trust (REIT) has entered into an agreement to acquire Hys Centre, a Class “A” office complex in Edmonton with underground pedway access to the large and expanding Royal Alexandra Hospital, Edmonton’s leading surgical hospital. The property is composed of a 147,000 square foot medical office building, 50 residential apartments and a 384-stall pay parking facility.

The purchase price will be approximately $53 million, subject to adjustments, which represents approximately a 6.7 per cent capitalization rate applied to in-place annual net operating income or $286 per square foot of rentable area ($221 per square foot if the parking NOI is not included). This investment will be the REIT’s fourth Edmonton area property and its ninth asset in the Province of Alberta.

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