Northwest Healthcare Properties REIT Completes Significant Lease Activity In Brazil And Lists Property For Sale
Date
10/15/2024 8:09:31 AM
(MENAFN- Newsfile Corp)
Toronto, Ontario--(Newsfile Corp. - October 15, 2024) - Northwest Healthcare Properties Real estate investment Trust (TSX: NWH) (the 'REIT' or 'Northwest'), a leading owner and operator of healthcare real estate infrastructure in North America, Brazil, Europe and Australasia, is pleased to announce the successful renewal of the lease at Sabará Hospital, resolving the REIT's only major 2025 lease maturity. Additionally, the REIT has listed Sabará Hospital for sale and finalized lease extensions at two other properties in Brazil, tenanted by Rede D'Or. These leasing activities extend the weighted-average lease expiry ("WALE") of the REIT's Brazil portfolio to 18.2 years with fully inflation indexed leases.
Sabará Hospital Renewal
Sabará Hospital Infantil, São Paulo's leading children's hospital, spans approximately 157,000 square feet and includes 110 beds and 13 surgical suites. The hospital is 100% leased to Sabará Hospital, with the lease fully guaranteed by the Sabará Hospital Foundation.
The lease was renewed for a 10-year term, with a 10-year renewal option, at passing rent, and is subject to inflationary increases.
Following the completion of the lease renewal, the REIT has listed Hospital Sabará for sale with CBRE São Paulo.
Rede D'Or Extensions
The REIT has secured early lease renewals at Hospital São Luiz Morumbi and Hospital Maternidade Brasil, thereby extending the lease terms for both properties to 23.7 years. The properties, both located in São Paulo, totalling approximately 706,000 square feet, are leased to Rede D'Or, the largest private hospital operator in Brazil.
The Rede D'Or lease extension and the Sabara 10-year renewal improve the long-term lease maturity profile of the Brazil portfolio extending the WALE to 18.2 years.
About Northwest
Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at August 13, 2024, of interests in a diversified portfolio of 186 income-producing properties and 16.1 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe and Australasia. The REIT's portfolio of medical office buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies. Northwest leverages its global workforce in eight countries to serve as a long-term real estate partner to leading healthcare operators. For additional information please visit: .
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