Nationwide Health Properties(NHP Quote) said late Wednesday that it has entered into a definitive joint venture agreement with a state pension fund investor advised by Morgan Stanley Real Estate to buy and develop assisted- and independent-living and skilled-nursing facilities.
The joint venture, which will be managed by NHP, a health care real estate investment trust, will fund its investments with approximately 40% equity contributions and 60% debt and will be owned 75% by the institutional capital partner and 25% by NHP. The joint venture's initial portfolio will have an agreed-upon value of roughly $145 million, but future transactions could total up to investments of approximately $475 million, NHP said. Shares of Newport Beach, Calif.-based Nationwide Health closed the regular session up 31 cents to $31.01.- Loading Comments...
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