Wafra and Welltower, an S&P 500 healthcare REIT, have formed a $550 million joint venture partnership.
The venture comprises a portfolio of 24 medical office properties, spanning a diverse mix of geographies, with assets located in California, Florida, Minnesota, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Washington state, among others. The portfolio was previously wholly owned by Welltower and is 97 percent affiliated with health systems. The Wafra vehicles will own 80 percent of the joint venture, and Welltower will retain a 20 percent economic interest in the portfolio and will continue serving as asset manager and operator for the properties.
“Wafra is pleased to launch this partnership with Welltower, whom we regard as a premier owner-operator and leader in medical office and healthcare real estate,” said Russell Valdez, Wafra’s CIO. “Building on Welltower’s demonstrated track record, we see compelling opportunities to realize
