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Kayne Anderson Real Estate has continued its shopping spree in the medical office space, purchasing a $1.3B medical office loan portfolio from Synovus Bank.
The portfolio is composed of 308 medical office building properties across 33 states. Totaling 13M SF, the portfolio, anchored by 35% hospital systems, is 92% leased and holds a remaining average lease term of nine years.
The sale is part of Kayne Anderson's plan to diversify the company's real estate credit portfolio, co-founder and CEO Al Rabil said in a press release.
Kayne Anderson has had a busy year in the healthcare real estate realm. July's $131M acquisition of an Atlanta MOB portfolio in partnership with Remedy contributed 192K SF to this plan of expansion. In February, the joint venture closed on 13 properties across eight states in a $131M acquisition from Montecito, adding another 300K SF of fully leased medical space to its roster.
In January, Kayne Anderson received $52M in financing for a portfolio of 13 MOB properties, consisting of 300K SF across various states. First Citizens' Healthcare Finance Division provided the funds. CIT did the same in March, with another $44M for 260K SF worth of healthcare properties in the Midwest.
Now is an opportune time for acquisitions in the healthcare sector, CBRE reports. The brokerage expects asset values in the space to depress over the next year or two, which will provide opportunity for buyers after interest rates peak. In a survey, JLL found that 66% of investors view MOBs as the biggest opportunity within the asset class. Medical offices are seeing a boost in popularity due to a positive shift in outpatient care, JLL said.
Kayne Anderson Real Estate has been rapidly growing since its launch in 2015, closing on more than $11B. It owns 25M SF of medical office space in 579 properties in 41 states in the U.S., according to its website.
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