Quilvest, through its private equity arm, has created a joint venture with Stockdale Capital Partners to buy medical office buildings in the west and southwest regions of the US.
The amount of equity for the venture could reach as much as $100m (€94.3m), according to sources familiar with the relationship.
The JV has closed its first acquisition, the 100,419 sqft Gresham Station Medical Plaza in a suburb of Portland.
The property was bought for $23m, according to sources aware of the transaction.
Barry Hammerman, a partner with Quilvest, said the sector is uniquely positioned to benefit from favourable demographic trends and an evolving regulatory environment, as well as a growing deficit of supply suitable for current needs.
Daniel Michaels, a managing director with Stockdale, said: “This joint venture continues our activity in the medical office sector across the Southwest, which we continue to believe offers one of the most attractive risk-rewards in US real estate today.”
The venture will focus on existing assets that have a value-add component. The properties acquired will be improved through a renovation, re-tenanting or re-positioning.
“We have a strong pipeline of opportunities in key western markets such as Seattle, Portland, Houston, [and] Phoenix-Scottsdale as well as throughout California,” said Michaels.
The real estate manager will source, analyse and execute hospital-anchored medical office transactions for the venture.
Stockdale’s other ventures have included The Grosvenor Group, Siguler Guff, and The Carlyle Group.