Brookfield Asset Management is investing approximately $1bn (€875.8m) to acquire a 49% stake in a 5.6m sqft US outpatient medical building portfolio contributed by Healthpeak Properties to a newly formed joint venture.
The $2.1bn partnership’s 86 properties, located across 11 US states, are 95% leased with a weighted average remaining lease term of six years.
US real estate investment trust (REIT) Healthpeak will receive gross proceeds of around $1.025bn from the transaction.
The NYSE-listed healthcare REIT will retain a 51% controlling stake and continue to serve as the managing member responsible for asset and property management.
Alexander Elawadi, managing partner, real estate, Brookfield, said: “Healthpeak is a recognised leader in healthcare real estate, and we’re excited to establish a long-term strategic capital partnership centered on a portfolio of premier outpatient medical properties.
“As real estate companies increasingly seek innovative capital solutions, Brookfield is well positioned to structure investments that advance our partners’ strategic objectives while providing our investors with access to differentiated, high-quality real estate opportunities.”
Scott Brinker, president and CEO of Healthpeak Properties, said: “Brookfield’s reputation, scale, and long-term investment approach complement our deep sector expertise and leading operating platform.
“This transaction advances our capital allocation priorities and highlights our unique ability to capture the favorable tailwinds driving demand for outpatient care.”
Adam Mabry, CIO of Healthpeak Properties, said: “This joint venture underscores the differentiated platform Healthpeak has built and highlights our investment management capabilities.
“It also provides us with a framework to replicate as we pursue broader investment opportunities and deploy capital across our segments.”
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