May 13, 2016
Physicians Realty Trust, headquartered in Milwaukee, has closed on the first tranche of its pending purchase from Catholic Health Initiatives (CHI). The first closing, valued at $324 million, included 26 medical office facilities that are 90.4% occupied.
The entire portfolio consists of 51 mission-critical medical office buildings in 10 markets. The properties are leased primarily to CHI-affiliated hospitals.
According to PRT President and CEO John P. Thomas, closing the remaining portfolio will take place “as soon as reasonably practical after CHI receives consent from the Vatican for the sale.” He added that the expectation is for closing to take place by the end of 2Q of this year.