NEW YORK CITY AND TAMPA, FLA. — Affiliates of Blue Owl Capital (NYSE: OWL), a New York City-based private equity firm, have entered into an agreement to acquire Tampa-based REIT Sila Realty Trust (NYSE: SILA) for $2.4 billion. The deal, which will make Sila a private company, is expected to close late in the second quarter or early in the third quarter of this year.
The valuation represents a per-share stock price of $30.38 for Sila. That price constitutes a 19 percent premium over Sila’s closing stock price of $25.53 per share on April 17, the last full day of trading prior to the announcement. The share price also represents a 25.6 percent premium over Sila’s average volume weighted price for the last 30 trading days.
BofA Securities is serving as Sila’s exclusive financial advisor, and Hogan Lovells US LLP is acting as Sila’s legal counsel. Citigroup Global Markets Inc. is acting as lead financial advisor to Blue Owl, with Truist Securities Inc. also acting as a financial advisor. Newmark is Blue Owl’s real estate advisor. Kirkland & Ellis LLP is serving as legal advisor to Blue Owl.
“The Sila team has curated a highly diversified collection of critically important healthcare assets across the continuum of care, underpinned by strong tenant fundamentals, long‑term triple‑net leases and robust rent coverage,” says Marc Zahr, co-president and global head of real assets at Blue Owl. “This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics.”
The stock price of Blue Owl opened at $9.75 per share on Monday, April 20, down about 42 percent from $17.04 per share a year ago. Sila’s stock price opened at $30.50 on the day the deal was announced, up slightly from $26.52 per share at this time last year.
— Taylor Williams