Welltower and Aspect Health form strategic JV

Welltower has formed a new strategic joint venture with Aspect Health, a real estate developer, concierge property manager, investor and adviser focused on leading innovation in healthcare strategy and real estate development.

The joint venture partnership includes an investment in Aspect Health's existing portfolio of six properties and a medical office building under construction, which are located in high-barrier-to-entry markets in the New York City metropolitan area. In addition, the companies have agreed to a 10-year exclusivity agreement on future development opportunities.

The existing portfolio consists of multitenant class A medical office buildings, including ambulatory surgery centers, predominantly ground-up developed by Aspect Health. The 98 percent occupied portfolio is 100 percent triple-net leased to leading hospitals and physician groups with a weighted average lease term of approximately 12 years.

Welltower and Aspect's first development part