Healthcare Realty Trust has generated approximately $400 million of proceeds from joint venture and asset sale transactions year-to-date. More is coming too: asset sale and JV transactions under contract or LOI that are now expected to increase proceeds to over $1 billion. The majority of these transactions are expected to be completed in the third quarter.
Some of these deals fall under Healthcare Realty's JV with KKR, to which the private equity giant has committed an additional $600 million. Additional property contributions are expected to generate $100 million in proceeds for the REIT next month, increasing the value of the JV to approximately $500 million.
Another JV that is driving sales is Healthcare Realty's expanding relationship with Nuveen Real Estate, which has previously been referred to as TIAA. Healthcare Realty expects to contribute approximately $400 million of assets to a new Nuveen JV in two phases at a cap rate of approximately 6.6%.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
