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Texas Real Estate Co. Partners with Investor to Acquire $1B in Medical Properties

Aimee Sharp
Author | Shield HealthCare
04/17/18  3:21 PM PST
Medical Properties

By Jen Para with Atlanta Business Journal staff and Jon Prior of the Dallas Business Journal – First published in the Houston Business Journal

Dallas real estate firm Caddis — which has a significant presence in Houston — is getting a boost to plans announced last year to acquire medical office buildings thanks to additional capital supplied by an investment giant.

Invesco Real Estate, the real estate arm of Atlanta-based Invesco PLC (NYSE: IVZ), has formed a strategic joint venture with Caddis to purchase up to $1 billion in health care real estate in the next three to five years, a goal the Dallas company announced last year.

Caddis closed on a fund dedicated to that goal in November and consolidated a dozen medical real estate properties owned by its subsidiaries at the time. The firm purchased another three properties for about $56 million after closing the fund.

In the new partnership, the plan is to combine Invesco’s commitment with equity provided by the fund, allowing the joint venture to acquire “core and core-plus health care real estate assets” across the country, per a release. Invesco did not disclose how much funding it will provide in its partnership with Caddis.

For the investment giant, the deal is a chance for the firm to diversify its holdings in key “sunbelt” markets in Texas, Georgia, South Carolina and Florida — where Caddis had already rounded up deals.

In addition to a Houston office at 3663 N. Sam Houston Parkway E., suite 600, Caddis has owned, developed or managed at least nine medical properties in the greater Houston area:

  • Memorial Hermann Convenient Care Center in League City.
  • Memorial Hermann Convenient Care Center in Spring.
  • Katy Convenient Care Center.
  • Friendswood Medical Office Building.
  • Heartis Clear Lake in Webster.
  • Heartis Cypress.
  • Heartis Conroe Memory Care.
  • Atascocita Medical Center in Humble.
  • Lone Star Family Health Center in Conroe.

Read the Full Article on Houston Business Journal.