Partners enter $460m hospital venture.

HCP Medical Office Portfolio has entered into a definitive agreement to acquire 100 medical office buildings from MedCap Properties, LLC. The transaction will close on October 2, 2003. The 5.5 million square feet of medical office buildings in the portfolio are located predominantly on the campuses of HCA Inc. (NYSE: HCA) 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 US.

"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."

Simultaneously, Health Care Property Investors will acquire 13 additional medical office buildings from MedCap.