Fundación Cardiovascular de Colombia Does Sale-Leaseback Of Bucaramanga Hospital With Rizk Ventures & Goldman Sachs
Rizk Ventures, LLC has announced that its subsidiary Rizk Ventures Colombia and Goldman Sachs have created a joint venture to invest in sale-leaseback transactions in the Colombian hospital market. The joint venture has already consummated its first sale-leaseback transaction of the Instituto del Corazon Floridablanca (Floridablanca Heart Institute, pictured above) hospital in the Bucaramanga suburb of Floridablanca. The property was purchased from Fundación Cardiovascular de Colombia (Cardiovascular Foundation of Colombia)
Rizk Ventures is a privately-held investment firm based in New York, founded by Thomas A. Rizk and Linda Rizk. Rizk Ventures Colombia is a wholly owned affiliate of Rizk Ventures, LLC led by Rizk Ventures Managing Partners, Geoff Rizk and Klaus Lederer.
“We are very excited to announce this joint venture with Goldman Sachs and look forward to building a substantial hospital focused real estate portfolio in Colombia,” said Rizk Ventures’ Co-Founder & Chairman Thomas Rizk. “Colombia has a significant shortage of hospital beds, with many leading hospitals seeking expansion capital. This has created an opportunity to develop a robust pipeline of sale-leaseback opportunities.”
Established in 1986, Fundación Cardiovascular de Colombia has grown to become one of the largest private sector health providers in the country. The foundation offers tertiary level services at hospitals as well as telemedicine, training, manufacturing of hospital products, assembly of bioengineering equipment, and hospital management software among other services. As late as 2013, the company employed 1,400 people.
Completed in 1997, Instituto del Corazon Floridablanca is a 197 bed hospital located in Floridablanca, Santander, outside of Bucaramanga. Instituto del Corazon Floridablanca was the first hospital in Colombia to receive international accreditation for meeting various quality and safety standards by the Joint Commission International. In 2014, Latin American business magazine, América Economia, ranked Instituto del Corazon Floridablanca as the #1 hospital in Colombia and the #4 hospital in Latin America.
Photos provided by Edelman Position