Health Care REIT, Inc. (NYSE:HCN) today announced it has completed the sale of its 49% interest in seven life science buildings located at Massachusetts Institute of Technology’s University Park, a mixed-use life science campus, in Cambridge, MA. Forest City Enterprises, Inc. (NYSE:FCEA and FCEB) purchased HCN’s interest for $573.5 million. The purchase agreement was previously announced on May 4, 2015.
“This is the culmination of an outstanding investment, and we are pleased to deliver a 15% unlevered internal rate of return to our shareholders through this opportunistic sale,” said Tom DeRosa, CEO of HCN. “This is another example of HCN’s proactive approach to recycling capital by disposing of assets and investing the proceeds in strategic, high-quality health care real estate. Forest City has been an excellent partner and we wish them much success in the future.”
The two companies entered into a 51/49 equity joint venture for the properties in February 2010. At that time, HCN invested $327 million, including assumed debt, for its 49% interest.
About Health Care REIT, Inc.
HCN, an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of March 31, 2015, the company’s broadly diversified portfolio consisted of 1,384 properties in 46 states, the United Kingdom and Canada.
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Scott Estes, 419-247-2800
Scott
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