Welltower to acquire 29 MOBs for $787m from Hammes

Welltower (WELL) recently entered into a definitive agreement to acquire a portfolio of class-A medical office buildings (MOBs) from Hammes Partners, in line with its efforts to strengthen the company’s outpatient medical platforms. The firm will pay $787 million for the transaction, scheduled to close in the fourth quarter 2019.

The acquisition is for 29 properties spanning 1.5 million square feet of space. These properties are concentrated in the New York and Boston metropolitan statistical areas, and other densely-populated areas in California, Massachusetts, Texas and Maryland.

Further, the portfolio, with an average age of 10 years, is affiliated with well-kn