Global Medical REIT spends $30.8m on three medical properties

Global Medical REIT Inc.has announced the planned closing of closing of three separate transactions for an aggregate price of $30.860 million covering eleven buildings. The three projects are the “Brown Clinic” in Watertown, SD; the “Northern Ohio Medical Specialists (“NOMS”)” portfolio in Northern Ohio; and the “Prospect Medical Office Building” in East Orange, NJ. The company closed the acquisition of nine of the buildings in the portfolio for a total purchase price of $25,439,200 and expects to close the remaining two buildings for the remaining $5,420,800 in December. When all of the proceeds are spent, the company will have spent or committed to deploying approximately $40 million of the funds raised through its initial public offering.

David Young, Chief Executive Officer of Global Medical, stated, “I am proud of our team in successfully closing these acquisitions on schedule. Our ability to do so reflects our ability to identify quality physician/operator partners with quality assets where we can provide value to their enterprises. By closing these acquisitions in a timely manner we are also able to focus our attention squarely on advancing additional acquisitions through our pipeline.”