KKR to Enter Into Strategic Joint Venture with Healthcare Realty Trust
05.16.24
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Simpson Thacher represented KKR Real Estate in connection with its new strategic joint venture (JV) with Healthcare Realty Trust Incorporated to own and invest in quality medical outpatient buildings. Under the terms of the agreement, Healthcare Realty will contribute up to 12 of its existing properties to seed the JV at a cumulative value of $382.5 million. KKR will make an equity contribution to the JV equal to 80% of the value of the properties, and Healthcare Realty will retain a 20% interest. The portfolio totals 762,399 square feet across Washington, California, Texas, Georgia, North Carolina, Pennsylvania and New Jersey. KKR has committed up to $600 million to the JV to pursue future acquisitions or contributions of high-quality stabilized assets that are a match for its long-term capital base.
The Simpson Thacher team includes Scott Kobak, Leanne Welds, Steven Stickler, Helene Snyder, Spencer Goodson and Simone Hernandez (Real Estate); and Benjamin Rippeon, Adam Arikat and Ruoxi Zhang (Tax).