Healthpeak Properties, Inc. and Brookfield Asset Management have created a long-term strategic capital partnership centered on a national portfolio of outpatient medical buildings. The joint venture is structured around a contributed portfolio from Healthpeak comprising 86 properties and approximately 5.6 million square feet of outpatient medical space across the U.S., with an aggregate value of about $2.1 billion.
The outpatient portfolio is diversified across 11 states, with the article identifying Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York among the locations. The assets are reported to be 95% leased, with a weighted average remaining lease term of six years, indicating a largely stabilized rent roll and embedded income visibility over the medium term.
Under the terms outlined, Brookfield and its affiliates hold a non-controlling 49% interest in the venture. Healthpeak retains a 51% controlling interest, serving as managing member. In that role, Healthpeak will provide asset management, leasing and property management services to the portfolio, maintaining operational oversight even as it brings in a new capital partner.
The structure is described as providing Healthpeak with long-term capital while allowing the company to preserve ownership and operational control of the outpatient medical assets. It also enables Healthpeak to continue participating in potential future value creation within the portfolio rather than fully exiting its position.
Adam Mabry, chief investment officer of Healthpeak, stated that the joint venture highlights the platform the company has built and its investment management capabilities. He added that the framework established through this venture is intended to be replicable as Healthpeak evaluates additional investment opportunities and allocates capital across its business segments.
On the advisory side, Newmark served as financial advisor to Brookfield in connection with the transaction. Legal counsel to Brookfield was provided by Kirkland & Ellis LLP. No additional transaction terms, such as detailed governance provisions, return targets or specific property-level details, were disclosed in the source material.
