Arbah Capital acquires $87m Constitution Health Plaza

TDT | Manama

The Daily Tribune – www.newsofbahrain.com 

Arbah Capital announced the acquisition of its second medical campus “Constitution Health Plaza”, an $87m high income-producing diversified medical campus on Broad Street, South Philadelphia, United States.

The property has prominent tenants such as the City of Philadelphia health department, University of Pennsylvania medicine unit, Malvern Treatment Centers and Mercy Life providing a stabilized WALT of 16 years.

This adds to Arbah’s $59m successful acquisition of Commonwealth Campus in Philadelphia in December 2020.

Arbah now has a portfolio of four investments totalling nearly $220m in the Health sector, including two Senior Living projects in Florida.

Arbah said it secured the acquisition at a significant discount to the market valuation carried out by Cushman and Wakefield.

Constitution Plaza has a prominent 3.4-acre site on Broad Street, South Philadelphia, just north of the CBD.

Philadelphia is known as a medical and education hub.

It’s estimated that 1/5 of all US physicians are trained here.

Arbah said it is proud to partner again with Hampshire Stateside in this transaction.

Hampshire Companies are an experienced real estate manager who manages more than 270 properties and has an AUM of over $2.4bn in the US.

Mahmood Al Kooheji, CEO of Arbah Capital, has previously stated, “Arbah is very proud to have once again found and executed such an excellent investment which has taken a very careful study and consideration, and may produce exceptional asset management opportunities in the near term, as well as enhanced exit potential through aggregation in the longer term.” 

Al Kooheji added: “We are currently working on other acquisitions in the social infrastructure space in the US as well as prominent real estate development projects in the GCC and KSA.

These are very exciting and strategic projects which Arbah will announce during the new year.”