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Welltower strikes $787M deal for medical office portfolio

Welltower, a real estate investment trust based in Toledo, Ohio, has entered into a definitive agreement to acquire a 29-property medical office building portfolio from Milwaukee-based Hammes Partners.

The assets of the portfolio included in the $787 million deal are concentrated in New York, Boston and other densely populated areas in California, Massachusetts, Maryland and Texas. The portfolio is affiliated with several large nonprofit health systems, including Dallas-based Baylor Scott & White Health, and Columbia, Md.-based MedStar Health, Welltower said.

Welltower also announced an additional investment of $885 million across four transactions involving outpatient medical practices.

"Today's acquisition announcement exemplifies our unique ability to source and execute on high quality growth opportunities from best-in-class developers and operators," Thomas J. DeRosa, Welltower's chairman and CEO, said in a news release. "These transactions establish Welltower as the largest commercial owner of medical office real estate in the country, with a platform approaching 30 million square feet."

More articles on healthcare industry transactions:

For-profit hospital M&A update: 15 deals involving CHS, Tenet, HCA and Quorum
CommonSpirit divests KentuckyOne Health
Adventist, St. Joseph merger rejected by California regulators

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