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KKR Forges Healthcare Properties JV with Cornerstone
KKR and Cornerstone Companies, Inc. have entered into a joint venture to acquire and develop a portfolio of diversified healthcare properties nationwide. New York-based KKR and Indianapolis-based Cornerstone have seeded the portfolio with the recapitalization of 25 Cornerstone-owned properties.
With funding commitments provided by KKR’s real estate and credit funds and Cornerstone, the JV is positioned to acquire more than $1 billion in real estate assets over the next few years. Additional terms weren’t disclosed.
The recapitalized portfolio includes 713,705 square feet of medical office buildings and ambulatory surgery centers located across 12 states. Cornerstone and KKR will grow the portfolio through acquisitions and net lease development opportunities.
Newmark’s Healthcare Capital Markets Group advised Cornerstone and KKR on establishing the JV, represented Cornerstone on the portfolio recapitalization and advised KKR on debt financing. CBRE’s Healthcare and Life Sciences Capital Markets Group provided buyside advisory services to KKR on the recapitalization.
- ◦Sale/Acquisition
- ◦Development
