This article is from the Australian Property Journal archive
CANADIAN based real estate investor NorthWest Value Partners has made a bid for the ING Real Estate Healthcare Fund.
NorthWest is looking to expand into Australia, the group already owns $CDN1 billion of assets in the NorthWest Healthcare Properties REIT in Canada.
NorthWest has made a bid for all of the units in IHF for cash consideration at a price of $0.94 per unit, which represents a 4% discount to IHF’s 30 June 2010 net tangible assets per unit of $0.98.
IHF said the proposal is highly conditional and is subject to a number of factors including obtaining financing change of control consents and/or new or amended credit facilities and unanimous recommendation from the Board of ING Management Limited.
“The board of IML has not formed a view at this stage as to the merits of the proposal and there is no guarantee that any formal, binding proposal for all of the issued units in IHF will be received,” IHF said.
“Accordingly, unitholders should take no action at this time,” the fund advised.
Australian Property Journal
