Macquarie Infrastructure Partners V (MIP V) fund has entered into an agreement with Medical Properties Trust, Inc. (MPT) to form a partnership pursuant to which a MIP V controlled subsidiary will acquire a 50% interest in a portfolio of eight Massachusetts-based general acute care hospitals owned by MPT and operated by Steward Health Care System (Steward). The transaction values the portfolio at approximately US$1.78 billion.  

As part of the transaction, MPT will retain the remaining 50% interest in the portfolio. MPT is one of the largest non-government owners of hospitals globally and focuses on acquiring and managing net-leased healthcare facilities in the US and selective foreign jurisdictions. Under the 20-year master lease, Steward is wholly responsible for operating the hospitals, including providing all patient services and incurring all costs and capital expenditure required to maintain the hospital facilities in good working order.

The transaction is subject to customary closing conditions, as well as the ability to source non-recourse secured debt financing for the transaction.