KKR and Cornerstone establish healthcare JV

KKR and Cornerstone Cos. have entered into a joint venture to acquire and develop a portfolio of diversified healthcare properties across the United States.

KKR and Cornerstone have seeded the portfolio with the recapitalization of 25 healthcare properties owned by Cornerstone. With funding commitments provided by KKR’s real estate and credit funds and Cornerstone, the joint venture is positioned to acquire more than $1 billion in real estate assets over the next few years.

The portfolio recapitalized by KKR and Cornerstone includes 713,705 square feet of medical office buildings and ambulatory surgery centers located across 12 states, with in-place long-term leases to a high-quality group of healthcare systems, physician group practices and surgery center operators. Cornerstone and KKR will work together to grow the portfolio through acquisitions and net-lease development opportunities, with a focus primarily on long-term leased single-tenant medical office building