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Brookfield joint venture takes 49% stake in Healthpeak’s medical portfolio
The deal values the portfolio at about $2.1 billion and gives Brookfield a 49% interest while Healthpeak retains controlling ownership.
Brookfield Asset Management has formed a joint venture with Denver-based REIT Healthpeak Properties to take a 49% interest in Healthpeak’s medical real estate portfolio, a partnership announced Monday.
The investment covers 86 outpatient medical buildings across 11 states, totaling roughly 5.6 million square feet and valued at approximately $2.1 billion. The facilities are currently 95% leased, according to the announcement.
Healthpeak will keep a 51% controlling interest in the portfolio to preserve ownership and operational control, while Healthpeak received gross proceeds of roughly $1 billion from the transaction.
Commercial Observer also reported that Newmark served as financial adviser to Brookfield, and Kirkland & Ellis advised as legal counsel. Healthpeak president and CEO Scott Brinker said the partnership supports Healthpeak’s capital allocation priorities and reflects demand tailwinds for outpatient care.