Healthpeak and Brookfield form outpatient medical joint venture

Corporate Action

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Summary · why it matters

Healthpeak Properties and Brookfield Asset Management have formed a joint venture involving a portfolio of 86 outpatient medical buildings across the United States. The portfolio, valued at roughly $2.1 billion, totals about 5.6 million square feet and is 95% leased with a weighted average remaining lease term of six years. Brookfield acquired a 49% non-controlling stake for approximately $1.025 billion, while Healthpeak retained a 51% controlling interest and will continue to manage the properties. Healthpeak also holds an option to repurchase Brookfield's interest after year seven at a price designed to provide a 6.5% net annual rate of return.