Medical Properties Trust, Inc., has completed the previously announced transaction with Macquarie Infrastructure Partners V, a private fund managed by Macquarie Asset Management to form a partnership in which a MAM-controlled subsidiary has acquired a 50% interest in a portfolio of eight MA hospitals owned by MPT.

CBRE served as equity recapitalization and debt financing advisor; the international team included Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley, Jordan Selbiger and James Millon.

MPT’s investment basis of roughly $1.2 billion, the approximate $600 million gain on real estate, and collected cash rent and interest of more than $475 million over the course of five-plus years combine to calculate an approximate unlevered internal rate of return of roughly 14%.

Including non-recourse secured debt, total cash proceeds to MPT were approximately $1.3 billion, virtually all of which was used to repay debt.

“Hospitals are essential, long-lived assets that are critical to any functioning community, and these attributes drive a resilient operating environment and investment profile characteristic of other infrastructure assets,” said Karl Kuchel, CEO of Macquarie Infrastructure Partners.