FIVE YEARS OR $1 BILLION, WHICH EVER COMES FIRST
By Murray W. Wolf
CNL Retirement Properties Inc., which in August 2004 acquired 55 percent of DASCO Cos., is teaming with another medical real estate developer to invest up to $1 billion in medical real estate during the next five years.
Nothing has been formally announced, but documents filed Sept. 14 with the U.S. Securities and Exchange Commission (SEC) reveal that CNL Retirement struck a five-year deal with Dallas-based Cirrus Group LLC on Aug. 5 to acquire medical office buildings (MOBs) and specialty hospitals.
It appears that the partners plan to start investing that $1 billion into Cirrus’ own properties. A pending $230 million deal described in the SEC filing is already in the works. It would give CNL Retirement a majority interest in 12 completed MOBs, seven MOBs under construction and two completed specialty hospitals – all currently owned by Cirrus affiliates.
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