Diversified Healthcare Trust (DHC) has entered into an agreement with a global institutional investor to acquire an equity interest in DHC’s existing joint venture that owns the two-building life sciences complex located at 11 Fan Pier and 50 Northern Avenue in Boston.
The new investor will acquire from DHC a 35 percent equity interest in the joint venture for a purchase price of approximately $378 million, with the existing partner continuing to own a 45 percent equity interest and DHC owning the remaining 20 percent equity interest. The purchase price for the 35 percent equity interest is based on a property valuation of $1.7 billion, less the $620 million of existing secured debt on the property.
The property included in the joint venture was acquired by DHC in May 2014 for $1.1 billion and consists of two 15-story, class A LEED® Gold Certified life sciences buildings located in Boston’s Seaport District. The two buildings are approximately 95 percent leased to