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Healthpeak and Brookfield form $2.1B outpatient medical JV

The JV’s portfolio is 95% leased, with a weighted average remaining lease term of six years.

Reported · Written up by our desk · Industry

Healthpeak Properties and Brookfield Asset Management announced a long term strategic capital partnership through a joint venture backed by a portfolio of outpatient medical buildings across the United States.

ConnectCRE reported that Healthpeak will contribute 86 properties totaling about 5.6 million square feet, valued at approximately $2.1 billion, diversified across 11 states including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey, and New York.

The portfolio is 95% leased, and the weighted average remaining lease term is six years. Brookfield and its affiliates will hold a non controlling 49% interest, while Healthpeak will retain a 51% controlling stake and serve as managing member, providing asset management, leasing, and property management services.

ConnectCRE also said the transaction is designed to give Healthpeak long term capital while preserving ownership and operational control, and that Newmark served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Brookfield.

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