A US medical outpatient buildings investment venture comprising Canada Pension Plan Investment Board (CPP Investments), IRA Capital and a global institutional investor, has added a 16-property medical outpatient portfolio to its assets.
The partnership has invested an unspecified sum to acquire the 517,680sqft medical outpatient portfolio across Texas, Florida, North Carolina and Indiana from a publicly traded real estate investment trust (REIT).
CPP Investments holds a 47.5% interest in the medical outpatient joint venture alongside Southern California-based real estate private equity firm IRA and the unnamed institutional partner.
In January, CPP Investments announced it had committed $143m (€123m) for its stake in the platform, which has an approximate total acquisition capacity of $850m. The vehicle launched with an initial acquisition of a 1.5m sqft portfolio of 24 medical facilities, also acquired from a publicly traded REIT.
IRA Capital said the latest transaction lifts the total investment volume for the new joint venture to more than $550m.
Jay Gangwal, co-founder and managing partner of IRA Capital, said: “This acquisition meaningfully expands our medical outpatient footprint across several high-growth markets and reflects our continued focus on mission-critical healthcare facilities supported by leading health systems.
“Our ability to source and execute this transaction off-market underscores the strength of our relationships and our reputation for certainty of execution.”
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