Healthpeak Properties Enters into a New $236 Million Joint Venture with Breakthrough Properties on the Callan Ridge Lab Campus in Torrey Pines
10 Janvier 2024 - 10:15PM
Business Wire
Healthpeak Properties, Inc. (NYSE: PEAK) (“Healthpeak”), a
leading owner, operator, and developer of real estate for
healthcare discovery and delivery, today announced that it has
formed a new strategic joint venture with Breakthrough Properties
(“Breakthrough”) through a sale of a 65% interest in Healthpeak’s
fully leased Callan Ridge lab campus in the Torrey Pines submarket
of San Diego.
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Callan Ridge Campus - Torrey Pines,
California (Photo: Business Wire)
The formation of the 65% Breakthrough / 35% Healthpeak joint
venture values Callan Ridge at $236 million, or $1,275 per square
foot, and represents a stabilized cash capitalization rate of 5.3%
based on the initial annual rental rate of approximately $67 per
square foot.
“This strategic recapitalization was a unique opportunity to
partner with Breakthrough, crystallize significant development
value creation, and accretively recycle capital back into our
business,” said Scott Brinker, President and Chief Executive
Officer of Healthpeak. “The strong pricing highlights the
underlying demand for our lab assets and allows us to recapture our
initial invested capital, while still retaining a 35% interest in
the trophy campus. We are excited about the partnership with
Breakthrough and look forward to growing the relationship over
time.”
Estimated net proceeds to Healthpeak are approximately $130
million after factoring in the company’s share of remaining tenant
improvements.
Healthpeak began construction on the 185,000 square foot Callan
Ridge campus in 2021. The two-building campus is fully leased to
Turning Point Therapeutics, Inc., a subsidiary of Bristol-Myers
Squibb Company (NYSE: BMY), through April 2035. The lease on
105,000 square feet commenced in July 2023 and the lease on the
remaining 80,000 square feet will commence in July 2024. Callan
Ridge has numerous sustainable building features, including a
photovoltaic canopy, electrochromic windows, recycled steel and
concrete, and drought-tolerant landscaping. The joint venture will
pursue LEED Gold certification upon completion of development.
ABOUT HEALTHPEAK PROPERTIES
Healthpeak Properties, Inc. is a fully integrated real estate
investment trust (REIT) and S&P 500 company. Healthpeak owns,
operates, and develops high-quality real estate for healthcare
discovery and delivery. For more information regarding Healthpeak,
visit www.healthpeak.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical factual
statements are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include those regarding the development of Callan Ridge
and the related joint venture. All forward-looking statements are
made as of the date hereof, are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties, assumptions and other factors — many of which are
out of Healthpeak's and its management's control and difficult to
forecast — that could cause actual results to differ materially
from those set forth in or implied by such forward-looking
statements. These risks and uncertainties include but are not
limited to: Healthpeak's ability to complete the development within
expected cost projections; the risk that Healthpeak may not be able
to achieve the benefits of the development or the joint venture
within expected timeframes or at all; and other risks and
uncertainties described from time to time in Healthpeak's
Securities and Exchange Commission filings. You should not place
undue reliance on any forward-looking statements. Healthpeak
assumes no, and hereby disclaims any, obligation to update any
forward-looking statements as a result of new information or new or
future developments, except as otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240111758459/en/
Andrew Johns, CFA Senior Vice President – Investor Relations
720-428-5400
Healthpeak Properties (NYSE:PEAK)
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