$460m medical office portfolio sale closed.HCP HCP,
n healthcare provider, a professional who specializes in treating and managing a person's general or specific health needs. Medical Office Portfolio has closed an agreement to acquire 100 medical office buildings from MedCap Properties, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control 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 HCA,
n.pr See acid, hydroxycitric. Inc. affiliate hospitals throughout the country.
HCA is a leading operator of hospital facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
HCP Medical Office Portfolio is a joint venture formed in June 2003 by GE Commercial Finance and Health Care Property Investors, Inc. (NYSE NYSE
See: New York Stock Exchange : 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 re·de·ploy
tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys
1. To move (military forces) from one combat zone to another.
2. capital from non-core assets toward their mission of providing quality healthcare," noted Rick Wolfert, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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.