Medical Properties Trust Inc. made its first investment in Switzerland with the acquisition of a 46% stake in healthcare real estate company Infracore SA from Aevis Victoria SA for $236.5 million, reflecting an initial return of about 5.0%.

With the purchase, Medical Properties becomes the largest shareholder in Infracore, which owns a portfolio valued at about $900 million. The real estate investment trust funded the investment using cash on hand in Europe.

Infracore's assets comprise 13 acute-care hospital campuses spanning approximately 1.5 million square feet across the country. The properties are primarily operated by Aevis unit Swiss Medical Network.

Aevis and existing shareholder Baloise Group will each retain smaller stakes in Infracore. Infracore has debt equivalent to about half of its real estate value with a weighted average interest rate of 1.7%.