GFH Financial Group has purchased a portfolio of medical offices in the US in exchange for around $200 million, as part of the company's plan to build a portfolio of stabilised assets.
With 11 assets, the medical portfolio spreads across seven states, comprising North Carolina, South Carolina, Georgia, Utah, Wisconsin, Ohio, and Texas, according to a press release on Tuesday.
The portfolio's assets are leased to some entities in the US healthcare system, including Cleveland Clinic, Texas A&M Health Science Center, Novant Health, Spartanbrug Regional Healthcare System, and Texas Health Resources.
The Sharia-compliant deal increases the value of GFH’s healthcare portfolio in the US to more than $400 million.
The Co-Chief Investment Officer – Real Estate at GFH, Nael Mustafa, said: "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 office sector."
Mustafa added: "This trend is particularly true in the US, where healthcare spending comprises around 18% of GDP, compared to around 10% for most other developed countries."
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