Health Care Property Investors Inc. (HCP) has bought interests in 113 medical office properties from MedCap Properties LLC. The acquisition — spread over three portions — will cost HCP $575 million.
The properties total 6 million sq. ft. and are located on hospital campuses in 16 states.
A joint venture with GE Commercial Finance will own 100 of the properties, which were purchased for $460 million. HCP will retain a one-third interest, worth $153 million, in these properties.
The entire MedCap organization will join HCP and will help HCP manage its existing medical office portfolio.