NorthWest’s Generation REIT bid
Canadian-based specialist healthcare property investment group, NorthWest Healthcare Property has moved to take control of the Australian-based Generation Health real estate investment trust (REIT).
NorthWest announced to the Australian Securities Exchange (ASX) today that NWH Australia AssetCo Pty Ltd as the trustee for NWY Australia Asset Trust had made an all-cash, unconditional, off-market takeover offer for all the outstanding units it does not already own in Generation.
According to the ASX announcement, the all-cash offer represents a 45.5 per cent premium to 31 December 2016 net tangible assets of $1.54 per Generation Unit.
The announcement also claimed that NorthWest Australia considered the likelihood of a competing proposal was low given that NorthWest currently has a 22.73 per cent relevant interest in Generation.
Commenting on the move, NorthWest chairman and chief executive, Paul Dalla Lana said he believed the proposed acquisition represented compelling value for Generation unit holders.
NorthWest in June, last year, acquired 100 per cent of Generation’s manager, Generation Healthcare Management Pty Ltd.
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