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December 21, 2020Welltower and Wafra Announce $550 Million Medical Office Building Joint Venture

12/15/2020 7:00:00 AM EST

NEW YORK and TOLEDO, Ohio, Dec. 15, 2020 /PRNewswire/ -- Wafra Inc. ("Wafra"), a global alternative investment platform, and Welltower Inc. (NYSE: WELL), an S&P 500 healthcare real estate investment trust (REIT), today announced a $550 million joint venture partnership between Welltower and certain vehicles managed by Wafra (such vehicles, collectively, the "Wafra Vehicles").

The venture comprises a portfolio of 24 medical office properties, spanning a diverse mix of geographies, with assets located in Texas, Florida, Minnesota, the Carolinas, Tennessee, California, Pennsylvania and Washington, among others. The portfolio was previously wholly owned by Welltower and is 97% affiliated with health systems. Through this joint venture, the Wafra Vehicles will own 80%, and Welltower will retain a 20% economic interest in the portfolio and will continue serving as asset manager and operator for the properties.

"Wafra is pleased to launch this partnership with Welltower, whom we regard as a premier owner-operator and leader in medical office and healthcare real estate," said Russell Valdez, Wafra's Chief Investment Officer. "Building on Welltower's demonstrated track record, we see compelling opportunities to realize shared success through this partnership. We look forward to expanding our footprint together in these growing sectors with the shared goal of further collaboration on healthcare and other real estate opportunities."

"Welltower is delighted to announce the establishment of this joint venture with Wafra, marking the beginning of an exciting and strategic, long-term relationship," said Shankh Mitra, Welltower's CEO and CIO.  "The breadth of Wafra's geographic reach and its astute and proven investing acumen, combined with Welltower's investment and data analytics capabilities, will provide a rock-solid foundation for this aligned effort to deliver enhanced value to our investors."

Forward-Looking Statements and Risk Factors

This press release may contain forward-looking statements.  When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements.  This may be a result of various factors, including, but not limited to, those factors discussed in Welltower's reports filed from time to time with the Securities and Exchange Commission.  Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

About Welltower

Welltower Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. For more information, visit

About Wafra

Wafra is a global alternative investment platform. Wafra and its affiliates manage assets and commitments of approximately $28 billion. Wafra invests across a wide range of alternative assets, including private equity, strategic partnerships, liquid markets, real estate, real assets and infrastructure. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with best-in-class management teams. Headquartered in New York, Wafra and its affiliated and associated firms have additional offices in Austin, London, Kuwait and Bermuda. For more information please visit

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SOURCE Welltower Inc.

Media Inquiries:

For Media Inquiries: Wafra, Katrina Allen, Edelman, (917) 640-2753, [email protected] or Welltower, Investor Relations: Krishna Soma, VP, Corporate Finance, (646) 677-8764, [email protected] or Matthew Carrus, VP, Treasurer, (646) 677-8756, [email protected] or Media: Tara Gallagher, Manager, Media and Communications, (646) 677-8742, [email protected]