Medical Properties Trust (MPT) has agreed to acquire 40 rehabilitation hospitals in Germany, in a transaction worth $900m.
The acquisition is part of definitive agreements signed to purchase and lease back substantially all of the real estate assets of theprivately-held Median Kliniken Group, which is a provider of post-acute and acute rehabilitation services in Germany.
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Medical Properties Trust CEO Edward K Aldag, Jr, said: "This is an important transaction because it significantly increases our asset base to approximately $4.5bn, and builds on our recent entry into the attractive Western European market.
"The acquisition of the Median real estate is a very compelling and unique opportunity for MPT and is fully aligned with our strategy to diversify our market-leading hospital portfolio across geography, operator and facility type."
Under the terms of the sale and leaseback agreement, the 40 hospitals include 38 rehabilitation and two acute care hospitals throughout Germany.
MPT also revealed previously undisclosed commitments and investments of nearly $155m in hospital assets including three acute facilities in the US and three additional German rehabilitation hospitals.
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By GlobalDataThe transactions are expected to be completed during the first quarter of 2015, and the acquisitions will increase its number of beds by 98% to nearly 20,000.
With these transactions, MPT has committed to investments totalling to more than $1.4bn in the year-to-date.
