In November 2021, we acquired a portfolio consisting of twenty-four medical office assets exceeding 1 billion square feet of rentable space, in a transaction exceeding  US$430 million.

The medical offices, spread across eleven states, were acquired as part of our strategy to focus on sectors positioned for continued long-term growth and solid fundamentals. The medical offices sector is experiencing steady growth in the wake of the pandemic following a sizeable shift towards outpatient care in an effort to reduce pressure off of hospitals. In the US, in particular, increased healthcare spending, an ageing population, and low occupancy fluctuations have proven to be strong fundamentals for the sector.

The portfolio assets comprise both short- and long-term leases to some of the largest names in US healthcare, including Cleveland Clinic, Texas A&M Health Science Center, Novant Health, Children’s Wisconsin and Meritus Health amongst others and cover a range of specialist care centers that are positioned on or near hospitals and medical campuses.