Partnership with Former Healthcare Trust of America Executives

Scottsdale, Arizona, December 6, 2023– GI Partners, a leading private alternatives investment firm, today announced the establishment of a new venture focused on investments in medical outpatient buildings (MOBs). The platform, UDLR Healthcare, is a partnership between GI Partners and a team of former executives from Healthcare Trust of America (HTA), the largest integrated owner and operator of MOBs in the United States prior to its sale in July of 2022.

The platform actively seeks investment opportunities in high-quality medical outpatient buildings across key markets, with a focus on delivering value to both healthcare providers and investors. An identified initial property investment is expected to close in December 2023.

GI Partners recognizes the attractive demographics supporting the sector and growing importance of MOBs within the evolving healthcare landscape. “We are excited to announce the formation of this platform with a team of leading operators in healthcare real estate,” said Rick Magnuson, Founder and Executive Managing Director at GI Partners. “We believe we can leverage GI’s extensive experience in scaling companies in specialized industries with the deep MOB expertise, relationships, and proven track record of UDLR Healthcare’s executive team to create value in this critical sector,” added John Saer, Managing Director and Head of Real Estate at GI Partners.

"We are thrilled to embark on this new venture in healthcare real estate," said Joyce Chow, Principal at GI Partners. "As the demand for high-quality medical facilities continues to rise, we believe strategic investments in MOBs present a compelling opportunity. Our decision to partner with former HTA executives underscores our commitment to assembling a team with experience at scale and deep understanding of the dynamics in this sector."

UDLR Healthcare is led by key executives from HTA, including its long-time CFO Robert Milligan, who serves as UDLR Healthcare’s CEO. Milligan is joined by Todd Sloan, Olivia Waalboer, Jeff Spiller, and Austin Brooker – a cross-functional team of former HTA executives with extensive experience in MOB investing, asset management, property operations, and construction and design.

Milligan expressed enthusiasm about the opportunity: "We are excited to be partnering with GI Partners to build this shared vision. We are confident that our collective experience, combined with GI Partners' resources and strategic vision, positions us for success in the dynamic and evolving healthcare real estate market."

About UDLR Healthcare
Headquartered in Scottsdale, Arizona, UDLR Healthcare’s mission is to become a leading innovator, investor, and operator in medical outpatient real estate. The company aims to create alignment across all sector stakeholders via partnership with leading health systems and physicians. Led by a seasoned management team with experience investing and operating a portfolio of MOBs at scale, UDLR Healthcare utilizes data driven analysis and a deep understanding of value creation for MOB stakeholders to provide innovative real estate solutions to healthcare providers and patients. For more on the platform’s team and investment strategy, please visit

About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 150 employees and offices in San Francisco, New York, Dallas, Chicago, Greenwich, Scottsdale, and London. The firm has raised more than $42 billion in capital and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The real estate strategy focuses primarily on specialized real estate, including technology, sciences, and healthcare properties. The private equity team invests primarily in companies in the healthcare, services, and software sectors. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit