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HCP Forms $605M MOB JV with Morgan Stanley
Irvine, CA-based HCP formed a new $605-million joint venture with Morgan Stanley Real Estate Investing (MSREI) on a two million square foot medical office portfolio. This will be the second MOB JV between the two entities.
HCP’s Scott Brinker says, “The venture demonstrates our ability to use strong relationships with capital partners, owners, and health systems to source and structure creative investments that are accretive to earnings, and aligned with our strategy of owning on-campus medical office properties affiliated with leading health systems.”
MSREI will contribute cash for a 49% stake, and HCP will contribute nine wholly-owned medical office buildings valued at roughly $320 million. The assets are primarily located in Texas and Florida, have a combined 1.2 million square feet of leasable space, and are 80% occupied. Cash contributed by MSREI will fund the acquisition of a MOB portfolio in Greenville, SC.
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*Pictured Riverwalk, Riverside, CA
- ◦Sale/Acquisition


