Medical Properties Trust has completed the previously announced transaction with Macquarie Infrastructure Partners V, a private fund managed by Macquarie Asset Management (MAM) to form a partnership pursuant to which a MAM controlled subsidiary has acquired a 50 percent interest in a portfolio of eight Massachusetts-based general acute care hospitals owned by MPT and operated by Steward Health Care System.
MPT’s investment basis of roughly $1.2 billion, the approximate $600 million gain on real estate, and collected cash rent and interest of more than $475 million over the course of five-plus years combine to calculate an approximate unlevered internal rate of return of roughly 14 percent. Including nonrecourse secured debt, total cash proceeds to MPT were approximately $1.3 billion.
“We are excited to have reached financial close on these eight high-quality, acute-care facilities in Massachusetts, and about our broader partnership with MPT,” said Karl Kuchel, CE