Health Care REIT, Inc. (NYSE:HCN) has announced that it has formed a joint venture with Forest City Enterprises (NYSE:FCE.A, NYSE:FCE.B). The joint venture is valued at $668 million. Pursuant to the agreement, Health Care REIT will acquire 49% interest in a seven building life sciences campus. The 1.2 million square feet campus stands in University Park in Cambridge, Massachusetts. It is adjacent to the campus of the Massachusetts Institute of Technology (MIT). Forest City will hold the remaining $51% interest in the property.
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Health Care REIT, Inc. is a real estate investment trust (REIT) that invests in senior housing and health care real estate. It also provides a range of property management and development services. As of March 31, 2008, the Company had 633 properties located in 39 states. The Company’s primary property types include investment properties and medical office buildings. Investment properties are those, in which the Company do not participate in the management of the property and are primarily land, building, improvements and related rights that are leased to operators under long-term operating leases. The Company’s medical office building properties are leased to tenants under gross leases, modified gross leases or triple-net leases, to multiple tenants, and require a certain level of property management. The Company through its subsidiary, HCN Development Services Group, Inc. (DSG), develops specialty medical properties.
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