Macquarie Asset Management’s latest Americas core and core-plus infrastructure fund has acquired a 50% stake in a $1.8bn (€1.5bn) portfolio owned by Medical Properties Trust (MPT).
MPT said the $6.9bn Macquarie Infrastructure Partners V (MIP V) fund will acquire the interest in a portfolio of eight Massachusetts-based general acute care hospitals. The hospitals are operated by Steward Health Care System.
MPT said subject to market conditions, the new partnership with MIP V expects to raise non-recourse secured debt of up to 55% of asset value. Total anticipated proceeds to MPT, including proceeds from the expected secured debt, will be $1.3bn.
Karl Kuchel, CEO Macquarie Infrastructure Partners, said: “MPT is a leading global hospital owner, and our 50/50 partnership with MPT, combined with the 20-year triple-net master lease with Steward, ensures that there is strong alignment across all parties with respect to the long-term performance of this portfolio.”
Edward K Aldag MPT’s chairman, president, and CEO said: “This first of its kind partnership with one of the largest infrastructure investors globally confirms the quality of this hospital portfolio and demonstrates the strength of MPT’s overall investment strategy and our ability to deliver value for our shareholders.
“This transaction’s portfolio valuation is a 48% increase over our original investment in these hospitals made in 2016, and the compelling value creation reflects the strength of MPT’s underwriting process, which allows our team to identify operators and strategies that are likely to result in long-term and sustained improvement in operating results.”
MPT, which owns a $22.3bn portfolio, has hospitals in 32 US states, six European countries, Australia and South America.
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