CEO Yaniv Melamud: Healthcare real estate will become increasingly in demand as the population ages and life expectancy lengthens.
Alton Private Investments Ltd. has signed an agreement to buy three medical centers in Memphis, Tennessee, owned by The West Clinic PC in a buy and lease-back deal, at a value of NIS 35 million. This is the company's fifth acquisition since April 2010.
The West Clinic will lease the properties for 20 years. The West Clinic is a non-profit organization that specializes in oncology. It has eight institutes in the greater Memphis area and participates in cancer studies. The three medical centers are close to large hospitals. The deal reflects an annual return on investment of 8.3%.
Alto Private Investments chairman Mody Kidon and CEO Yaniv Melamud own the company. Melamud said, "Healthcare real estate will become increasingly in demand as the population ages and life expectancy lengthens."
Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2011
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