BIRMINGHAM, ALA. — Birmingham-based Medical Properties Trust Inc. (NYSE: MPW) has agreed to invest $1.25 billion in Steward Health Care System LLC through the sale-leaseback of nine acute care hospitals operated by Steward, and through the acquisition of a limited equity stake in the company.
The transaction includes $1.2 billion for the hospital real estate and a $50 million equity investment in Steward.
Properties in the sale-leaseback include Saint Anne’s Hospital in Fall River, Mass.; Holy Family Hospital at Methuen in Methuen, Mass.; Holy Family Hospital at Haverhill in Haverhill, Mass.; Carney Hospital in Dorchester, Mass.; Norwood Hospital in Norwood, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; and Morton Hospital in Taunton, Mass., according to reports by CoStar Group. The portfolio totals nearly 1,800 beds.
An affiliate of Cerberus Capital Management — owner of Steward Health Care — agreed to invest $150 million in MPW’s common stock in a private placement transaction concurrent with closing.
Medical Properties Trust Inc. is a self-advised real estate investment trust focused on acquiring and developing net-leased healthcare facilities. The company’s stock closed at $14.99 per share on Monday, Sept. 26, up from $11.16 one year ago.
Boston-based Steward Health Care is the largest fully integrated health care services organization and community hospital network in New England.
— Katie Sloan