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.