The international healthcare real estate and construction management company Lend Lease has acquired the Dasco Cos., a Palm Beach Gardens, Fla.-based medical real estate developer specializing in medical office buildings and outpatient facilities.
Lend Lease acquires Dasco Cos.
Exact financial terms were not released, but Lend Lease spokeswoman Mary Costello said the company made an initial payment of $10 million to be followed by “an earn out over a four-year period.”
The acquired company will become known as “Lend Lease Dasco,” and will operate as a Lend Lease business unit. The company will stay in its Palm Beach Gardens headquarters and Malcolm Sina, its president and CEO, will have the new title of president and managing director.
Lend Lease is based in the Millers Point neighborhood of Sydney, Australia, and it has offices in New York, London and Singapore. Its U.S. project management subsidiary, Bovis Lend Lease, was the construction manager for the Weill Greenberg Center at Weill Medical College of Cornell University, New York, which won an Award of Excellence in the 2008 Modern Healthcare Design Awards; and also for the Reuter Children's Outpatient Center, Asheville, N.C., which won an Honorable Mention in the 2006 contest.
“Healthcare reform and demographic shifts in the United States, driven by an aging population will increase demand for outpatient medical services and advances in technology will allow an increasing number of medical procedures to be carried out in offices outside of a hospital setting,” Robert McNamara, CEO for the Americas region of Lend Lease, said in a news release. "The trend for hospitals, healthcare systems and medical practitioners to use real estate partners to provide property solutions is increasing. This acquisition will position the Americas region of Lend Lease in this rapidly growing market.”
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