Blue Owl acquires Sila Realty Trust

Blue Owl Capital’s real estate affiliates have agreed to acquire Sila Realty Trust in an all‑cash deal valuing Sila at about 2.4 billion dollars, with closing expected in Q2–Q3 2026 subject to shareholder and regulatory approvals.

Deal terms

• Purchase price: 30.38 dollars per share in cash for all outstanding common stock of Sila Realty Trust.

• Implied equity value: Approximately 2.4 billion dollars.

• Premium: About 19 percent to Sila’s 17 April 2026 closing price and roughly 25–26 percent to its 30‑day VWAP before announcement.

• Consideration mix: 100 percent cash; the transaction will take Sila private upon closing.

Strategic rationale

• Sila profile: Health‑care–focused, net‑lease REIT with 137 properties and several land parcels across more than 60 U.S. markets, totaling over 5 million square feet and leased to major health‑care systems/operators on long‑duration leases.

• Blue Owl objective: Expand its real assets / net‑lease platform, adding a scaled healthcare portfolio to a large existing net‑lease book and growing the share of real estate within its broader alternatives franchise.

• Market context: Blue Owl’s real assets division has been seeking growth opportunities even as the firm’s shares have been under pressure in 2026, making accretive deployment into “defensive” sectors like healthcare particularly attractive.

Governance, timing, and next steps

• Board approval: Sila’s board unanimously approved the merger agreement with Blue Owl affiliates.

• Closing timeline: Expected to close in the second or third quarter of 2026, subject to Sila shareholder approval and customary closing conditions (including regulatory and other consents).

• Dividends: During the pendency of the transaction, Sila is permitted under the merger agreement to pay up to two regular quarterly dividends.

• Post‑closing status: Sila will cease trading on the NYSE and operate as a private company owned by Blue Owl affiliates.

Implications for stakeholders

• Sila shareholders: Receive a fixed cash exit at a meaningful premium to pre‑announcement trading levels, eliminating market risk but forgoing future upside if healthcare net‑lease valuations recover.

• Blue Owl investors: Gain a scaled healthcare net‑lease platform that fits the firm’s focus on durable income streams, adding diversification within its real assets business.

• Tenants and lenders: Portfolio remains intact and focused on healthcare; continuity is expected, with Blue Owl positioned as a long‑term capital provider in the sector.