GI Partners announced the launch of UDLR Healthcare, a venture targeting investments in medical outpatient buildings (MOBs). Headquartered in Scottsdale, Ariz., UDLR Healthcare, is a partnership between GI Partners and a team of former executives from Healthcare Trust of America (HTA), which was the largest integrated owner and operator of MOBs in the United States before its sale in July 2022.
UDLR Healthcare is led by seasoned HTA executives, including its chief financial officer since 2014, Robert Milligan, who now serves as UDLR Healthcare’s CEO. Milligan is joined by Todd Sloan, Olivia Waalboer, Jeff Spiller, and Austin Brooker, who bring extensive experience across construction and design, property operations, asset management and other aspects of MOB investing.
The MOB market in the U.S. and Canada saw $4.7 billion in transactions in the first half of 2023 first half of 2023, according to the Urban Land Institute’s Emerging Trends in Real Estate United States and Canada 2024 report. Although that is down significantly from $10.1 billion in the first half of 2022, it is in line with values seen in the comparable periods of 2018 to 2021, and the report noted that several factors – including an aging population and the need for spaces to support advances in healthcare technology and delivery – are expected to push demand for MOBs upward in 2024.
UDLR Healthcare aims to offer innovative real estate solutions to healthcare providers and patients by leveraging data-driven analysis and a comprehensive understanding of value creation for MOB stakeholders. The firm expects to close its initial property investment this month.
“We believe we can leverage GI’s extensive experience in scaling companies in specialized industries with the deep MOB expertise, relationships, and proven track record of UDLR Healthcare’s executive team to create value in this critical sector,” said John Saer, managing director and head of Real Estate at GI Partners.
Established in 2001, GI Partners is a private investment firm with over 150 employees and offices in San Francisco, New York, Dallas, Chicago, Greenwich, Conn., Scottsdale, Ariz. and London. With over $42 billion in assets under management, the firm invests on behalf of leading institutional investors worldwide through its private equity, real estate, and data infrastructure strategies. The real estate strategy concentrates primarily on specialized real estate, including technology, sciences and healthcare properties.