04.05.2015 22:55:45
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HCN To Sell Life Science Portfolio Interest For $573.5 Mln
(RTTNews) - Health Care REIT, Inc. (HCN) said Monday that it has agreed to sell its 49% interest in seven life science buildings located at Massachusetts Institute of Technology's University Park, a mixed-use life science campus, in Cambridge, MA.
Forest City Enterprises, Inc. (FCEA , FCEB) will redeem Health Care REIT's interest for $573.5 million, including Health Care REIT's pro rata share of property-level debt of $174 million. The purchase price represents a projected 5% cap rate based on forward 12 months net operating income.
The two companies entered into a 51/49 equity joint venture for the properties in February 2010. At that time, Health Care REIT invested $327 million, including assumed debt, for its 49% interest.
The disposition of the life science portfolio is incremental to Health Care REIT's most recently disclosed 2015 disposition guidance of $400 million and is expected to be completed during the second half of 2015.
![](https://images.finanzen.at/images/unsortiert/wertpapierdepot-absichern-aktienchart-boerse-750493204-260.jpg)
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