Brookfield Asset Management purchased a 49% stake in a $2.1B medical office portfolio.
Brookfield contributed more than $1B to form the joint venture with Healthpeak Properties, a Denver-based healthcare REIT. Healthpeak is contributing an 86-property, 95% leased portfolio to the JV, in which it will retain a 51% controlling interest.
:no_upscale():quality(75))
Healthpeak’s shares have risen nearly 40% this year. In March, the REIT spun off its senior housing assets into a standalone REIT, narrowing its focus to medical and lab space. Healthpeak owned 688 outpatient medical and lab properties as of March 31, according to Seeking Alpha.
The 86-property joint venture portfolio totals 5.6M SF across 11 states, including Kentucky, Indiana, Pennsylvania, Arkansas, Illinois, Minnesota, New Jersey and New York. Healthpeak will retain a call right to repurchase Brookfield’s interests after seven years at a 6.5% net annual return rate.
“This transaction advances our capital allocation priorities and highlights our unique ability to capture the favorable tailwinds driving demand for outpatient care,” Healthpeak CEO Scott Brinker said in a statement.
The REIT said Brookfield’s investment will provide it with long-term capital while preserving ownership and operational control in the portfolio, which Healthpeak will continue to manage and lease.
“As real estate companies increasingly seek innovative capital solutions, Brookfield is well positioned to structure investments that advance our partners' strategic objectives while providing our investors with access to differentiated, high-quality real estate opportunities,” Brookfield Managing Partner of Real Estate Alexander Elawadi said in a statement.
Brookfield Asset Management raised a total of $112B in 2025, with $13.3B in real estate commitments. It raised approximately $900M for its second real estate fund targeting recapitalizations and equity solutions, the company confirmed last month.
Also on Monday, Brookfield and the Canada Pension Plan Investment Board announced they will buy LXP Industrial Trust in a $5.2B transaction that will take the industrial REIT and its 108 properties private. This purchase comes as the U.S. industrial sector continues to bounce back, offering attractive investment opportunities.
