Blue Owl Capital’s $2.4 Billion Sila Realty Deal: What It Means for Healthcare Real Estate
On April 20, 2026, affiliates of Blue Owl Capital announced a definitive agreement to acquire Sila Realty Trust for approximately $2.4 billion in cash. The offer of $30.38 per share carried a 19% premium to Sila’s April 17 closing price of $25.53 and a 25.6% premium to the stock’s 30-trading-day volume-weighted average price.
Sila’s board voted unanimously to approve the merger agreement, with closing expected in the second or third quarter of 2026. The transaction will be executed through Blue Owl Real Estate Capital LLC, a subsidiary of Blue Owl Capital Inc., which manages more than $307 billion across its credit, real assets, and GP capital platforms.
What Blue Owl Capital Is Buying
Sila holds 137 developed properties and three undeveloped land parcels spread across 65 markets in the United States, totaling 5.3 million square feet. The portfolio spans outpatient clinics, inpatient rehabilitation facilities, surgical centers, behavioral health sites, and post-acute care settings, a category Sila describes as the healthcare “continuum of care.”
Properties were 98.7% leased at year-end 2025 with a weighted average remaining lease term of 10 years. Nearly all operate under triple-net arrangements, meaning tenants bear the costs of taxes, insurance, and maintenance. For an institutional acquirer, that structure delivers income that behaves more like a contractual obligation than a real estate cash flow: predictable, durable, and largely insulated from building-level expense variability.
Pricing and Context
At $2.4 billion, this marks the largest healthcare-focused REIT take-private in the current cycle. Marc Zahr, co-president and global head of real assets at Blue Owl Capital, described the portfolio as “a highly diversified collection of critically important healthcare assets across the continuum of care.”
Sila reported $33.1 million in net income for full-year 2025 and distributed $1.60 per share in dividends. Under the merger agreement, Sila is permitted to pay up to two additional regular quarterly dividends before closing, a provision designed to maintain income continuity for existing shareholders between announcement and completion.
The acquisition brings a scaled healthcare net lease portfolio into [Blue Owl Capital’s Real Assets platform]. It adds a new sector vertical to a segment that already includes industrial, retail, digital infrastructure, and real estate credit.
