Värde Partners has announced the purchase of Unity Investment Management in a move that aims to support and grow the firm's portfolio.
The new wholly owned subsidiary of the credit-asset-focused company will assume the duties of leasing and managing 74 medical outpatient buildings. Altogether, their combined value exceeds $800 million.
A big chunk of that will support Värde's recent portfolio acquisition of 61 medical outpatient buildings for $700 million, which takes up 2.75 million square feet across 16 states. The tenants in that concentration specialize in medical clinic practices. As of July, 59 properties in the deal closed.
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Given the shift to outpatient from in-patient care, Tim Mooney, managing partner and global head of real estate at Värde, sees the opportunity from Unity Investment to help grow its entire portfolio passed $2 billion "over the coming years."
“Building on our years of investing with the Unity team, this transaction enables us to expand Värde’s presence in healthcare real estate and continue our strategy of developing thematic asset verticals,” he said.
"Our conviction in the sector is bolstered by the defensive nature of the assets with sticky, high-credit quality tenants, recession-resilient underlying businesses and strong cashflow yields.”
The investment management arm was sold by Unity Medical Properties.
As commercial real estate investment appetite comes back, healthcare has been leading the resurgence. Mortgage originations for properties in the sector were up 510 percent year-over-year in the third quarter, according to a report from Mortgage Bankers Association.
Jaime Northam, vice president of healthcare development for Ryan Companies, who will be a speaker at GlobeSt.'s annual healthcare industry event, from December 2-3 in Scottsdale, said she is seeing a number of positive signs in the Western market from deal-making to project development.
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