NorthWest International Healthcare Properties REIT has acquired Hospital e Maternedade Brasil (HMB) located in suburban São Paulo, Brazil from Rede D'Or São Luiz S.A. for approximately C$120 million. Concurrent with the sale, Rede D’Or entered into a fully net 25 year leaseback of the property with an initial annual rent of approximately C$12.3 million. The acquisition represents the REIT's second investment in Brazil.
At approximately 342,000 square feet and with 305 beds, HMB is the largest full-service hospital in Santo Andre, a suburb of São Paulo, located approximately 30 km south of the city centre. HMB is operated by Rede D'Or, a privately owned Brazilian hospital operator with 26 hospitals across the country and a dominant presence in Rio de Janeiro under the "D'Or" hospitals brand; São Paulo under the "São Luiz" brand and Brasilia under the "Santa Lucia" brand. Rede D'Or is the largest network of private hospitals in Brazil.