Healthpeak formed a long-term joint venture with Brookfield Asset Management around a U.S. outpatient medical building portfolio valued at about $2.1 billion.
Brookfield took a 49% non-controlling stake; Healthpeak kept 51% control, remained managing member, and will provide asset, leasing, and property management.
Healthpeak received about $1.03 billion in gross proceeds, implying a 5.9% trailing cash cap rate and about $380 per square foot.
The venture holds 86 properties totaling about 5.6 million square feet; 95% leased with a six-year weighted average remaining lease term.
Healthpeak secured a call option starting after year seven to repurchase Brookfield’s stake for a 6.5% net annual return.
DOC•
