Healthpeak-Brookfield $2.1B JV

Aldar Properties and Brookfield Asset Management formed a long-term strategic capital partnership through a joint venture involving a portfolio of 86 outpatient medical buildings across the U.S., valued at approximately $2.1 billion. Healthpeak retains a 51% controlling interest and received $1.025 billion from selling a 49% stake to Brookfield. The portfolio is 95% leased with a weighted average remaining lease term of six years. Healthpeak will provide asset management and has a call right after year seven to repurchase Brookfield's interest at a 6.5% net annual return. The venture is consolidated on Healthpeak's financial statements.