Sila Realty Trust, a US-based net lease real estate investment trust, has completed the sale of Webster Healthcare Facility II (UTMB Health Clear Lake Hospital) to the Board of Regents of the University of Texas System.

The transaction consideration was around $258.4m.

Situated in Webster, Texas, the UTMB Health Clear Lake Hospital spans about 373,000ft2. It operates as a short-term acute care facility with 199 licensed beds.

Prior to this sale, the property was leased to the Board of Regents of the University of Texas, functioning as the Clear Lake Campus for the University of Texas Medical Branch.

The lease agreement included a purchase option, which the Board of Regents of the University of Texas chose to exercise.

Sila Realty Trust utilised the net sales proceeds to pay down debt and fund general corporate requirements.

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In a statement, the company said that it “used a portion of the net sales proceeds to pay down all of its outstanding variable rate debt, leaving the Company with 100% of its debt fixed through interest rate swaps.”

Sila Realty Trust president and CEO Michael A. Seton said: “We have used the substantial proceeds from this sale to further fortify our already low leveraged balance sheet and we anticipate expanding our high quality, diversified healthcare portfolio into more outpatient and post-acute healthcare assets.

“We continue to be steadfast on maximising the value of the company and seeking liquidity for our stockholders.”

A public, non-listed real estate investment trust, Sila Realty Trust focuses on the US healthcare sector.

It owned 132 real estate properties and two undeveloped land parcels spread across 58 markets nationwide, as of 30 September 2023.