Medical Properties Reports $100 Mln Gain From North Cypress Medical Center Sale

(RTTNews) - Medical Properties Trust, Inc. MPW), a self-advised real estate investment trust, announced that it has completed the sale of North Cypress Medical Center, a 139-bed acute care hospital located in Cypress, Texas near Houston, to Hospital Corporation of America or HCA.

The $148 million sale to HCA resulted in an approximate $100 million gain for the company and an unlevered internal rate of return of more than 17% since the completion of development in 2007.

The company expects to use proceeds to make additional investments in U.S. hospital real estate and for other corporate purposes.

Edward Aldag, Jr., MPT's Chairman, President and CEO, noted that North Cypress Medical Center was founded by local physicians who wanted to create a sophisticated, upscale experience for patients in the Houston community. Robert Behar is the hospital's founder, Chairman and CEO.