OrbVest sells 8 buildings from the portfolios SG Medical 1 and SG Medical 2
As covered briefly in our previous newsletter, our first portfolio sale transaction was finally closed on 31 July 2019. It is the first full cycle where we are in a position to return capital and profits to the original investors in the three buildings that make up in the Medical 2 portfolio, and two of the buildings from the Medical 1 portfolio. The third building is currently under sale contract and is anticipated to close during the first week of September and 70% of the remaining 4 buildings are leased to the Veterans Association, and those leases are currently being re-negotiated to extend them for another 5 years. We achieved better than market selling prices for the individual buildings as a result of being able to consolidate them into one larger portfolio attracting bigger market players as buyers for the properties.
The Medical 2 portfolio was sold in its entirety and this concludes our first full cycle medical office investment. The Portfolio produced above market distributions during the investment period and we expect that the sale proceeds will be paid out to investors by the time you read this newsletter. We are pleased with the endorsement from these investors who look to re-invest their proceeds in our new offerings to ensure continued growth and return of their investments.
17 July 2019: OrbVest sells 8 buildings from the portfolios SG Medical 1 and SG Medical 2
We are pleased to announce that we have concluded agreements to sell 8 buildings that have made up the bulk of our first medical portfolios – SG Medical 1, and SG Medical 2.
After a thorough process over the last 6 months, we received multiple competing offers on the portfolios. The Buyer pool was fairly diversified, including institutional equity, foreign capital and others.
The sale of these assets will create a liquidity event for the investors who will ultimately be able to take the gains and reinvest into new projects or take out their capital and profits. This is a significant milestone for OrbVest, re-enforces our business case, and demonstrates our first full circle, through investment, above target dividends, sale of assets, to be followed by the return of capital and profits.
Shareholders have received recurring cash dividends from these portfolios.