Remedy Medical Properties and Kayne Anderson Real Estate have acquired a portfolio of outpatient medical assets from Welltower. The portfolio comprises approximately 18 million square feet across 296 properties in 34 states.

Remedy will add 170 employees from Welltower as part of the transaction, expanding its team to over 500 employees across 60 offices nationwide. Remedy is assuming all operational responsibilities from Welltower, including property management and leasing functions. Welltower will retain a preferred equity position and a profits interest in the underlying portfolio.

Citigroup Global Markets Inc., J.P. Morgan, and Truist Securities, Inc., served as financial advisors on the acquisition. The acquisition was financed by two separate first mortgage loans, with one facility led by Capital One, National Association, Ally Bank, J.P. Morgan, Truist Securities and BMO Bank N.A. The other facility was led by Citigroup Global Markets Inc., J.P. Morgan and Goldman Sachs.