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$460m medical office portfolio sale closed.

HCP Medical Office Portfolio has closed an agreement to acquire 100 medical office buildings from MedCap Properties, LLC in a $460M deal.

The 5.5 million s/f of medical office buildings in the portfolio are located predominantly on the campuses of HCA Inc. affiliate hospitals throughout the country.

HCA is a leading operator of hospital facilities in the United States.

HCP Medical Office Portfolio is a joint venture formed in June 2003 by GE Commercial Finance and Health Care Property Investors, Inc. (NYSE: HCP) to acquire medical office buildings nationwide.

The partners in this joint venture have extensive medical office and real estate experience and are proactively targeting additional portfolio acquisitions throughout the United States.

"We created HCP Medical Office Portfolio in response to hospitals and health care systems' need to redeploy capital from non-core assets toward their mission of providing quality healthcare," noted Rick Wolfert, President and CEO of GE Healthcare Financial Services, a unit of GE Commercial Finance.

"This strategic acquisition will be the first transaction for the $600 million joint venture and signifies GE Commercial Finance's commitment to rapidly expanding our healthcare real estate presence,"

"Health Care Property Investors' strong management team, deal-making expertise and excellent industry relationships enabled us to hit the ground running," concluded Michael Pralle, President and CEO of GE Real Estate, a unit of GE Commercial Finance.

Jay Flaherty, CEO of Health Care Property Investors, said, "The joint venture won this acquisition because of its deep health care experience and its ability to structure, commit and fund a complicated 100-asset transaction in under 60 days."

Simultaneously, Health Care Property Investors will acquire 13 additional medical office buildings from MedCap. This acquisition will include stabilized and development properties.

The HCP Medical Office joint venture will acquire five of these development properties upon completion in 2004 from Health Care Property Investors.
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Title Annotation:Technology Update
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Dec 10, 2003
Words:307
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