Oman-Gibson Associates, a national healthcare real estate development and project management company, has formed a $40 million investment fund to support the acquisition of new medical office buildings and specialty medical clinical space throughout the country.
The firm cites ideal market conditions due to the recent tightening of credit markets as the motivating factor in establishing the fund.
"Investors are looking for niche opportunities for investment, and healthcare is a logical area," said Bond Oman, a principal of OGA. "We're seeing values today in a relatively stable sector. Creating this fund is the sensible step in taking advantage of these current market conditions and yielding superior returns for investors."
In order to enhance returns on equity, Oman said the fund would use a conservative equity to debt ration of 40/50 percent. He added that the fund's investment objectives are to generate very competitive and secure portfolio level cash flows.
OGA intends to use the investment fund to take advantage of its development pipeline and acquire real estate assets from healthcare providers. Oman said health management companies have recently taken an aggressive approach in unlocking capital embedded in real estate. Because traditional sources of capital needed to expand core operations no longer exist, healthcare companies have been forced to sell non-core assets at prices unusually lower than two years ago.
OGA officials say the fund will leverage the firm's extensive national experience in healthcare real estate to secure investment opportunities. Investments will focus on single asset, small portfolio acquisitions and emerging growth companies in healthcare and leading healthcare systems and operators.
Oman said potential properties for acquisition will primarily consist of medical office buildings or outpatient care facilities such as ambulatory care centers, cancer centers, cardiac and vascular care centers, diagnostic imaging centers, eye surgery centers, laboratories, rehabilitation centers, renal dialysis centers and urgent care centers.
OGA has developed and currently manages more than 97 facilities in 30 states.