GI Partners, a private equity firm, has partnered with a group of former Healthcare Trust of America executives for a new joint venture focused on investing in medical outpatient buildings, according to a Dec. 7 report from the Phoenix Business Journal.
The joint venture platform, UDLR Healthcare, will be headquartered in Scottsdale, Ariz., and will look at key markets nationwide for investments.
The group of former Healthcare Trust of America executives left the real estate investment trust company in the wake of its acquisition by Healthcare Realty Trust.
UDLR Healthcare will be led by CEO Robert Milliigan, longtime CFO of Healthcare Trust. UDLR's first property investment is expected to close at the end of December.
"As the demand for high-quality medical facilities continues to rise, we believe strategic investments in MOBs present a compelling [investment] opportunity," said Joyce Chow, a principal at GI Partners, in a statement cited by the Journal.