(Reuters) - Canada's NorthWest Healthcare Properties REIT (>> NorthWest Health Prop Real Est Inv Trust) on Monday offered to buy the rest of Australia's Generation Healthcare REIT (>> Generation Healthcare REIT) that it does not already own, valuing the company at about A$491 million ($371 million).

NorthWest, the biggest shareholder in Generation Healthcare with a 22.7 percent stake, offered to buy the remainder at A$2.24 per share.

Generation Healthcare's shares closed at A$2.27 on the Australian Stock Exchange on Monday.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)