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Medical Properties Trust completes €1.14B sale of German portfolio stake

Medical Properties Trust Inc. completed the sale of a 50% stake in its portfolio of 71 hospitals in Germany to France's Primonial Group for total proceeds to the company of 1.14 billion, including its portion of secured debt.

The deal for the stake in the portfolio was signed in June, valuing the assets at about €1.63 billion.

Alabama-based real estate investment trust Medical Properties said the joint venture that will own the portfolio entered into a €655 million secured financing arrangement with a group of lenders that includes Société Générale SA's Frankfurt branch as mandated lead arranger, as well as affiliates of AXA. The financing agreement has a term of seven years and a swap-fixed rate of approximately 2.3%.

Medical Properties expects to use the proceeds from the sale to repay balances under its revolving credit facility, to invest in additional U.S. and European hospital assets and for other corporate purposes.