The Northwest Healthcare Properties Real Estate Investment Trust applied for exemptive relief from the requirement to file a business acquisition report under Part 8 of National Instrument 51-102 in connection with its acquisition of a medical office complex.
Although the acquisition was significant under the income test, it was not significant under the asset and investment tests.
The applicant demonstrated that the income test produced anomalous results and that the acquisition was not significant from a practical, commercial, or financial perspective.
The principal regulator granted the requested relief.