HCN to sell stake in life science portfolio for $573.5m
Health Care REIT has agreed to sell its 49 percent interest in seven life science buildings located at Massachusetts Institute of Technology’s University Park, a mixed-use life science campus, in Cambridge, Mass.
The buyer is Forest City Enterprises, which will purchase HCN’s interest for $573.5 million, including HCN’s pro rata share of property-level debt of $174 million. The purchase price represents a projected 5 percent cap rate based on forward 12 months net operating income.
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 percent interest.
The sale of the life science portfolio is incremental to HCN’s most recently disclosed 2015 disposition guidance of $400 million and is expected to be completed during the second half of 2015.
In February, HCN sold a 10-property portfolio to Venta