RTTNews | Sep 1, 2021 08:56AM EDT

08:56 Wednesday, September 1, 2021 (RTTNews.com) - Medical Properties Trust, Inc. (MPW) has agreed with Macquarie Infrastructure Partners V to form a partnership pursuant to which a MIP V unit will acquire a 50% interest in a portfolio of eight Massachusetts-based general acute care hospitals currently owned by Medical Properties Trust. The deal values the portfolio at approximately $1.78 billion. MIP V is an unlisted infrastructure fund managed by Macquarie Asset Management.

MIP V has agreed to acquire its interest in the partnership for cash based on a 5.6% 2021 cash cap rate. The partnership expects to raise nonrecourse secured debt of up to 55% of asset value. Total anticipated proceeds to Medical Properties Trust, including proceeds from the expected secured debt, will be approximately $1.3 billion.

Medical Properties Trust expects to to use the cash proceeds to repay debt and fund $950 million Springstone inpatient behavioral health facility transactions. Based on year-to-date transactions, Medical Properties Trust projects an annual run-rate of $1.16 to $1.20 per diluted share for net income and $1.81 to $1.85 per diluted share for normalized funds from operations.

Read the original article on RTTNews ( https://www.rttnews.com/3222588/mip-v-to-acquire-50-interest-in-eight-medical-properties-trust-owned-hospitals.aspx)

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