IRA Capital Spent $350M On Healthcare Realty Portfolio

IRA Capital's January acquisition of a portfolio including 25 healthcare properties totaled $348.9M, new filings reveal.

The price was confirmed in the fourth-quarter earnings report of the property's seller, Healthcare Realty Trust. 

An early January announcement from IRA Capital included the transaction but did not name a price or a seller. The announcement said the company purchased the property as part of a joint venture with a pension plan and a sovereign wealth fund.

Since the release, the Canadian Pension Plan Investment Board, or CPP Investments, revealed it was the pension plan partner in the JV. CPP will hold a 47.5% stake in the joint venture, to which it allocated $143M of equity capital. CPP pegged the acquisition capacity of the JV at roughly $850M.

“The program will target modern outpatient care facilities in growing U.S. communities, where demand is supported by demographic trends and the shift of services from hospitals to outpatient settings,” said Sophie van Oosterom, CPP Investments managing director and head of real estate, in a statement. 

The sovereign wealth fund remains unnamed but is reportedly based in Asia. 

The 1.5M SF portfolio includes properties in Texas, Iowa, Indiana, Ohio, Utah and Nevada, according to Healthcare Realty. 

In the fourth quarter and through February, Healthcare Realty completed the majority of its previously identified dispositions for a total of $682M, including one slated to close this month. 

IRA Capital has invested approximately $1.7B in healthcare assets in just the past 18 months, according to a release for the private equity firm.