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Medical Properties Trust, Inc. completes joint venture.

BIRMINGHAM, Ala: Medical Properties Trust, Inc. completed the previously announced joint venture among certain of its European affiliates and affiliates of Primonial Group.

Total proceeds to MPT, including its portion of secured debt, are approximately EU1.14 billion. The company expects to use such proceeds to repay balances under its revolving credit facility, make investments in additional U.S. and European hospital assets and for other corporate purposes.

The joint venture agreements establish a value of the 71 assets of EU1.63 billion, reflecting an unlevered internal rate of return exceeding 15% since MPT's acquisition of the assets. MPT also disclosed that the joint venture has entered into a EU655 million secured financing arrangement with a consortium of lenders, including Societe Generale S.A. Frankfurt Branch as Mandated Lead Arranger and affiliates of AXA. Provisions of the financing agreement include a term of seven years and a swapped fixed rate of approximately 2.3%.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Sep 13, 2018
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