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Kayne Anderson Capital Advisors Acquires $1B Healthcare Portfolio

Posted by: | Posted on: August 7, 2020

TOLEDO, OH –  Kayne Anderson Capital Advisors’ private equity real estate division, Kayne Anderson Real Estate has purchased a healthcare portfolio from Welltower in a $1 billion transaction.

The acquired portfolio comprises 34 properties, encompassing 27 medical office buildings and seven senior housing communities. The medical office buildings are located throughout the US and each of the senior housing communities are located in Florida.

The REIT previously reported that the blended cap rate on the seniors housing properties was 5.8% on a trailing 12-month period and the outpatient medical assets sold at a 5.45% on a trailing 12-month NOI.

Kayne Anderson Real Estate, alongside its operating partners, MB Real Estate and Discovery Senior Living, will own and operate the portfolio.

The senior housing assets were financing by Wells Fargo Bank through its Freddie Mac Seller Servicer business. Capital One Bank NA led the financing syndicate for the medical office assets.

Newmark Knight Frank’s Chad Lavender and Ryan Maconachy served as advisors to Welltower in the transaction.

“This transaction was a direct result of the long-standing strategic relationship between KA Real Estate and Welltower that achieved a mutually beneficial outcome,” comments David Selznick, Kayne Anderson Real Estate’s CIO. “This portfolio is a very compelling addition to our platform – institutional quality medical office buildings with long duration leases and seniors housing assets with strong current cash flow and near-term value enhancements through significant capital improvements. We believe KA Real Estate’s operator-oriented investment platform positions us very well to continue to acquire attractive assets and create favorable risk-adjusted returns for our investors.”

“The rapid completion of this transaction with our long-time industry collaborators, KA Real Estate, is indicative of the strong demand for quality seniors housing and medical office building assets,” states Shankh Mitra, vice chair, CIO and COO of Welltower.  “Dave and his team were a delight to work with and they executed perfectly without hesitation during a very uncertain time. For Welltower, the transaction significantly enhances our liquidity profile, not only affording us increased flexibility to navigate the ongoing challenges posed by the COVID-19 pandemic, but also allows us to consider opportunistic capital deployment. We look forward to working with our partners at KA Real Estate on future transactions.”

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