Medical Properties Trust Announces Agreement to Sell Healthscope Portfolio
Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced that it has entered into a definitive agreement to sell its Australian real estate investments operated by Healthscope to affiliates of HMC Capital (ASX: HMC) (“HMC”), an Australian alternative asset manager focused on real estate strategies, including HealthCo Healthcare & Wellness REIT (ASX: HCW) (“HCW”). The transaction is expected to be completed in the second half of 2023, subject to certain regulatory approvals.
Total consideration for the Company’s Healthscope portfolio is based in part on a lease capitalization rate approximating 5.7%, resulting in anticipated cash proceeds sufficient to fully prepay the AUD$1.2 billion term loan used to fund the 2019 acquisition of the 11 hospitals leased to Healthscope. At year-end 2022 exchange rates, the term loan was reflected in MPT’s financial statements at a U.S. dollar equivalent of approximately $818 million; at the same exchange rate, 2023 annualized GAAP rent would be approximately $54 million.
“The sale of this portfolio by means of a competitive process, in the midst of an extraordinary disruption to global capital markets, demonstrates the breadth and resilience of demand for hospital infrastructure assets,” said Edward K. Aldag, Jr., Chairman, President and Chief Executive Officer.
Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Arnold Bloch Leibler is acting as legal advisor to MPT.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world’s largest owners of hospital real estate with 444 facilities and approximately 44,000 licensed beds in ten countries and across four continents. MPT’s financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.
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