Healthpeak Properties, a real estate investment trust, and Brookfield Asset Management, a global alternative asset manager, have formed a joint venture involving a portfolio of outpatient medical buildings, according to a July 20 news release from Healthpeak Properties.
Here are five things to know:
- The two companies created a long-term strategic capital partnership through a joint venture with the portfolio, which is valued at more than $2 billion.
- Healthpeak Properties’ contributed portfolio includes 86 outpatient medical buildings across 11 states, totals about 5.6 million square feet, and is 95% leased with a weighted average remaining lease term of six years.
- Brookfield Asset Management and its affiliates acquired 49% of the portfolio, with Healthpeak Properties receiving gross proceeds of about $1.03 billion from the sale.
- The sale values the portfolio at about $380 per square foot.
- The joint venture provides Healthpeak Properties with long-term capital while preserving a 51% controlling interest.
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