Blue Owl Capital’s real‑assets division announced an all‑cash acquisition of Sila Realty Trust, a healthcare‑focused real‑estate investment trust, in a transaction valued at approximately $2.4 billion. The deal offers a 19% premium over Sila’s closing price on April 17, 2026, and is priced at $30.38 per share.
Sila’s portfolio includes 137 assets and three development sites spread across 65 U.S. markets. In its most recent quarter, Sila reported earnings per share of $0.09 versus a forecast of $0.17, and revenue of $50.7 million against a $50.18 million expectation. For the full year 2025, the company posted GAAP net income of $33.1 million, down from $42.7 million in 2024, while maintaining strong liquidity of roughly $500 million and a net debt‑to‑EBITDA ratio of 3.9x.
Blue Owl’s real‑assets platform, which had $67.1 billion in assets under management as of March 31, 2025—representing about 24.6% of the firm’s total $273.3 billion AUM—will be augmented by the acquisition of Sila’s assets and development sites. The firm’s total AUM reached $307 billion as of December 31, 2025, underscoring the scale of the transaction within its broader portfolio.
The all‑cash transaction will be financed through Blue Owl’s permanent capital vehicles, a structure that has historically provided stable fee income and limited redemption risk. The deal is expected to close in the second quarter of 2026, with some analysts noting the possibility of a third‑quarter close.
Strategically, the acquisition strengthens Blue Owl’s exposure to the healthcare real‑estate sector, known for its stable cash flows and long‑term growth potential. Marc Zahr, Co‑President and Global Head of Real Assets at Blue Owl, said, "We are extremely excited to acquire one of the best‑in‑class healthcare net lease portfolios in the market." The premium reflects the strategic value of Sila’s portfolio and Blue Owl’s confidence in the sector’s long‑term prospects.
The premium offered was a key driver of the positive market reaction, as investors recognized the value of Sila’s portfolio and Blue Owl’s expansion strategy.
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