08:32 AM EDT, 05/06/2024 (MT Newswires) -- Healthcare Realty Trust ( HR ) said Monday it will contribute 12 properties valued at $382.5 million to a seed portfolio in a new joint venture with asset manager KKR to invest in medical outpatient buildings.

Under the terms of the joint venture, Healthcare Realty ( HR ) expects to receive about $300 million for its contribution while KKR will make an equity contribution equal to 80% of the value of the properties, according to Healthcare Realty ( HR ). KKR also committed up to $600 million to the joint venture to pursue additional acquisitions or asset contributions, Healthcare Realty ( HR ) added.

Healthcare Realty ( HR ) said it expects to make the contributions in May and June and explore additional acquisitions with KKR, including the potential contribution of more properties to the joint venture.

Healthcare Realty ( HR ) said it will retain a 20% interest in the joint venture, which it will also manage.

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