Blue Owl Strengthens Footprint With $2.4B Purchase Of Healthcare-Focused REIT Sila Realty

Blue Owl Capital has reached an agreement to acquire healthcare-focused REIT Sila Realty Trust in a deal valued at approximately $2.4 billion.

The all-cash transaction, priced at $30.38 per share, represents a 19% premium over Sila’s most recent closing price prior to Monday’s announcement and a 25.6% premium compared to its 30-day average.

As of March 31, Sila’s portfolio included 137 healthcare properties, primarily structured as net lease assets. These consist of 86 medical outpatient buildings, 25 inpatient rehabilitation facilities, and 26 surgical and specialty centers.

Marc Zahr, Blue Owl’s co-president and global head of real assets, highlighted the strength of the portfolio, noting its diversification across the healthcare spectrum, stable tenant base, long-term triple net leases, and solid rent coverage. He added that the acquisition offers Blue Owl an opportunity to scale its presence in a sector viewed as both resilient and essential, with consistent cash flow and long-term growth potential.

Sila’s properties are spread nationwide, with significant concentrations in Texas and Florida.

The deal comes amid continued strength in the medical outpatient building sector. According to a Colliers report, demand in the top 50 U.S. markets has outpaced new supply by 3.1 million square feet since 2021, while the top 100 markets show a 4.7 million-square-foot gap. Vacancy rates remain tight, hovering between 7.5% and 7.7%.

The acquisition is expected to close either later this quarter or by the end of the third quarter, subject to shareholder approval and standard closing conditions.

BofA Securities is advising Sila on the transaction, while Citigroup Global Markets and Truist Securities are serving as financial advisors to Blue Owl.

Source: GlobeSt.