January 12, 2018
Dallas-based Tenet Healthcare Corp. completed the sale of Hahnemann University Hospital (pictured left) and St. Christopher’s Hospital for Children (pictured right) to American Academic Health System L.L.C. for $170 million. The buyer is an affiliate of California investment firm, Paladin Healthcare.
American Academic’s Joel Freedman says, “We are thrilled and proud to be the new owners of these venerable Philadelphia hospitals and the outstanding clinical and academic programs for which they are recognized.”
The transaction also involved the formation of a partnership between American Academic and Chicago-based Harrison Street Real Estate Capital L.L.C. to buy four medical office buildings on the Hahnemann campus and parking facilities at St. Christopher’s.
Tenet, which received $152.5 million cash and a promissory note for $17.5 million, no longer has a presence in Philadelphia. It entered the market in 1998 with the acquisition of eight hospitals that were part of Allegheny Health Education and Research Foundation’s $1.3 billion bankruptcy.
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