Nationwide Health Properties ( NHP) 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.

More from Real Estate

Cities in the U.S. With Really Clean Air

Cities in the U.S. With Really Clean Air

Ranking the Best Mortgage Lenders

Ranking the Best Mortgage Lenders

How Much Are Closing Costs on a New Home Purchase?

How Much Are Closing Costs on a New Home Purchase?

How to Calculate Your Net Worth and Pin Down Your Financial Health

How to Calculate Your Net Worth and Pin Down Your Financial Health

Best Real Estate Markets for Homeowners in the U.S.

Best Real Estate Markets for Homeowners in the U.S.