Healthpeak Properties and Brookfield Asset Management are teaming up on a long-term strategic joint venture that recapitalizes a nationwide portfolio of outpatient medical buildings valued at about $2.1 billion. Under the agreement, Brookfield takes a roughly half economic stake while Healthpeak remains in the driver’s seat as managing member and day-to-day operator. The setup gives Healthpeak a quick shot of liquidity to funnel into growth initiatives while it keeps operational control of the real estate.
According to a joint release via Business Wire, the contributed portfolio includes 86 properties totaling roughly 5.6 million square feet across 11 states. The buildings are about 95% leased with a weighted-average remaining lease term of six years. Brookfield and its affiliates will hold a non-controlling 49% interest, while Healthpeak keeps a 51% controlling stake and continues to provide asset management, leasing, and property management services. Healthpeak received gross proceeds of about $1.025 billion for selling the 49% interest, which the companies said implies a trailing cash capitalization rate of roughly 5.9% and an implied valuation near $380 per square foot.
“This transaction advances our capital allocation priorities and highlights our unique ability to capture the favorable tailwinds driving demand for outpatient care,” Healthpeak CEO Scott Brinker said in the announcement, as reported via Business Wire. Alexander Elawadi of Brookfield called the partnership a play on “premier outpatient medical properties.” The release adds that the joint venture is expected to remain consolidated on Healthpeak’s financial statements, with Brookfield’s investment recorded as a non-controlling equity interest.
Why Healthpeak Is Recycling Capital
Healthpeak has been actively selling or recapitalizing non-core assets so it can double down on outpatient and lab real estate. That follows its spin-off of senior housing into Janus Living and other recapitalizations completed earlier this year. In an investor update, Healthpeak reported strong outpatient leasing and said recent sales and recapitalizations have generated proceeds it is using to shore up liquidity and redeploy into higher-growth segments. For more on Healthpeak’s recent moves, see Healthpeak.
How The Price Stacks Up
The pricing on the deal, roughly $380 per square foot with a trailing cash cap rate near 5.9%, comes in tighter than recent sector averages and signals how investors view the portfolio’s scale, diversification and long leases. CBRE reports that average U.S. medical outpatient building cap rates sat around 6.9% in the first quarter of 2026, with average sale prices near $310 per square foot. Large, well-leased medical portfolios like this one often trade at a premium to those broader market metrics…