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November 5, 2021updated 20 Dec 2021 3:15pm

DSS subsidiary American Medical REIT acquires three hospitals in US

The three hospitals have 195 hospital beds in total.

DSS’ subsidiary American Medical REIT has acquired three hospitals in the US for an aggregate purchase price of $62m.

The three hospitals are located in Fort Worth, Texas; Plano, Texas; and Pittsburgh, Pennsylvania.

Overall, the facilities have 195 hospital beds in total with a gross floor area of around 320,000ft2. According to a press statement, all the three hospitals are situated near densely populated areas near state highways providing easy accessibility to patients.

Currently, the three hospitals are under an 18-year lease with 11 years remaining. Specialty hospital operator LifeCare Hospitals are operating the locations.

The lease agreement includes a renewal option of five additional years.

DSS CEO Frank D. Heuszel said: “These acquisitions represent a significant expansion of our real estate operations.

“While other areas within commercial real estate have been impacted by the ongoing pandemic, medical real estate has demonstrated considerable resiliency.

“With a now formidable foundation in place, we are in a great position to pursue further opportunities to expand AMRE as we continue to execute on our strategic growth plans.”

DSS Securities, a wholly owned subsidiary of DSS, provided a loan of $0.8m to AMRE for the acquisition.

Additionally, AMRE received a loan of $13.9m from American Pacific Bancorp, a majority-owned subsidiary of DSS.

AMRE focuses on acquiring and leasing a portfolio of licenced medical real estate. Apart from DSS, it is backed by Alset International Limited.

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