Blue Owl Capital to Acquire Health Care REIT Sila Realty Trust in $2.4B Deal

Blue Owl Capital is set to acquire a real estate investment trust focused on health care facilities for $2.4 billion, the companies announced Monday.

Affiliates of Blue Owl, an alternative asset management firm that has recently been a big investor in data centers, will buy Sila Realty Trust and absorb its 137 developed properties nationwide. The Monday morning announcement resulted in a 20 percent surge in the health care REIT’s stock price when markets opened.

The acquisition price correlates to $30.38 per share, with Blue Owl paying a 19 percent premium compared to where Sila Realty’s stock was trading at Friday’s close.

“This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long‑term growth characteristics, while further expanding Blue Owl managed funds’ exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy,” Marc Zahr, co-president and global head of real assets at Blue Owl, said in a statement.

Along with its developed properties in 65 markets, which focus on outpatient medical and health care services, Sila also has three undeveloped sites.

“Sila’s management team’s unwavering commitment to put our shareholders as our top priority is evidenced by the undertaking of a strategic process and execution of this transaction with Blue Owl managed funds, the leading global investor in net-lease assets and sale-leasebacks,” Michael Seton, president and CEO of Sila, said in a statement. “The consummation of this transaction will provide significant and immediate realized benefit to our shareholders.”

REITs being acquired by either bigger publicly traded companies or going private through buyouts from non-REIT organizations has been a defining trend since the start of 2025, one that analysts predicted would continue, especially as executives seek diversification or look for opportunities for discounted assets.

“We have been saying for over a year that the REIT sector is momentum based,” Hoya Capital Real Estate’s David Auerbach told Commercial Observer regarding the Sila sale. “When one transaction happens, that is the catalyst for more transactions to occur. It’s like a snowball going down the mountain. It’s hard to start that momentum, but once it does start, it just keeps on rolling.”

Sila’s acquisition is the sixth to take place in “REITland” this year, according to Auerbach.

It follows in the wake of Brookfield Asset Management taking over Peakstone Realty Trust for $1.2 billion in February and Ares Management buying Whitestone REIT in a $1.7 billion deal earlier in April.

Mark Hallum can be reached at mhallum@commercialobserver.com.