Terravet REIT – which is managed by Terravet Real Estate Solutions, a leading real estate group specializing in single tenant, net leased veterinary and niche medical properties – announced it has secured a $35 million preferred equity investment from Sculptor Diversified REIT, an affiliate of Sculptor Capital Management, a leading global alternative asset manager with about $35 billion in assets under management.
Terravet’s REIT, which encompasses over 650,000 square feet of purpose-built medical facilities, is dedicated to acquiring top-quartile, purpose-built veterinary and niche medical real estate that facilitates the delivery of high-quality veterinary care. And Terravet REIT provides entrepreneurial veterinarians and doctors the unique opportunity to diversify their real estate holdings while minimizing risk through UPREIT transactions. Across its funds and REIT entities, Terravet owns over 150 properties and more than 1.5 million square feet of real estate in more than 35 states.
What the investment will be used for: The proceeds from the investment were used to reduce debt, providing ample flexibility for Terravet REIT to execute an active acquisition pipeline and further scale the platform.
Agent: KeyBanc Capital Markets served as the Sole Placement Agent for the transaction, facilitating a competitive process that attracted significant institutional interest.
KEY QUOTES:
“We’re seeing increased interest from sellers of purpose-built veterinary real estate in major markets across the country. Sculptor’s investment reflects confidence in our strong track record in the sector and growing pipeline. With an institutional partner in place, we’re well-positioned to act decisively on opportunities that align with our long-term goals.”
Daniel Eisenstadt, CEO of Terravet Real Estate Solutions and Terravet REIT
“Sculptor brings deep experience supporting scaled real estate platforms across sectors that are resilient and essential. We’re thrilled to partner with a leader in the veterinary real estate space and support their growing portfolio.”
Steven Orbuch, Founder and President of Sculptor Real Estate
