An investment bank based in Bahrain has acquired 11 medical office buildings in the U.S. in a $200 million deal.
The transaction increases the value of GFH Financial Group's U.S. healthcare portfolio to more than $400 million. The combined facilities comprise more than 400,000 square feet of space in North Carolina, South Carolina, Georgia, Utah, Wisconsin, Ohio and Texas.
Tenants of the medical office buildings include Cleveland Clinic, Dallas-based Baylor Scott & White Health and Winston-Salem, N.C.-based Novant Health.
"The pandemic has underlined a need for more outpatient services and continued demand for healthcare services. As a result we are seeing strong investor sentiment in the medical offices sector," said Nael Mustafa, co-chief investment officer-real estate at GFH. "This trend is particularly true in the U.S., where healthcare spending comprises around 18 percent of [gross domestic product], compared to around 10 percent for most other developed countries."
Mr. Mustafa added that "recession-proof investments" such as healthcare are capable of delivering returns for shareholders, and GFH is confident its medical office portfolio will help capitalize on the growing demand for healthcare in the U.S.