Appelt Properties Announces the Acquisition of a Healthcare Real Estate Portfolio Located in Ontario and Alberta
TORONTO, July 28, 2022 /CNW/ - Appelt Properties Inc., an industry-leading, owner and operator of healthcare real estate across Canada, announced today the closing of a $94.3 million, nine building healthcare portfolio of properties located in Ontario and Alberta.
The portfolio was acquired in partnership with Centurion Asset Management Inc. and includes seven Ontario properties, comprising 280,000 square feet (sf) and two Alberta properties comprising 77,000 sf. The properties are predominantly located in the Greater Ottawa Area and the Greater Toronto Area with 70% of revenue being derived from these assets. At 70% leased, the portfolio represents a value-add opportunity that is well positioned to be unlocked by Appelt Properties active management style.
The current roster of medical and healthcare tenants includes a strong mix of general practitioners, specialists, radiology, laboratory uses, and ancillary healthcare service providers.
The addition of the 357,000 sf portfolio will add to Appelt's existing AUM of 750,000 sf making them the fastest growing healthcare real estate landlord/manager in Canada. Greg Appelt, founder and CEO commented, "As active managers who know the medical space well, we believe that finding a value-add opportunity like this is extremely rare. As a company we are well positioned to unlock significant value in the current vacancy as well as prime development lands."
Founded in 2010 by Greg Appelt, MD, Appelt Properties is an industry-leading operator and developer of healthcare real estate across Canada. Appelt's platform focuses on optimizing practitioner mix and medical service providers to maximize patient access and quality of healthcare delivery.
Since 2010, Appelt has grown AUM by 39% annually through a combination of active management, development and opportunistic value-add acquisitions.
Appelt Properties currently owns and manages ten properties comprising nearly 750,000 sf and has over $400 million under development across Canada.
SOURCE Appelt Properties
Greg Appelt (CEO): 250-718-4110
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