Key Takeaways
- • Healthpeak Properties and Brookfield Asset Management formed a US$2.1 billion joint venture comprising 86 outpatient medical office properties totaling approximately 5.6 million square feet across the United States.
- • Healthpeak retained a 51% controlling interest in the venture, while Brookfield and its affiliates hold a non-controlling 49% stake, establishing a long-term strategic capital partnership.
- • Latham & Watkins LLP provided comprehensive legal counsel across real estate, capital markets, equity capital, and tax matters, with the transaction announced on July 21, 2026.
- • The partnership structure enables Healthpeak to access Brookfield's capital and institutional expertise while maintaining operational control of the medical office portfolio.
Summary
Healthpeak Properties (NYSE: DOC) and Brookfield Asset Management (NYSE: BAM, TSX: BAM) announced the formation of a strategic joint venture on July 21, 2026, creating a long-term capital partnership focused on outpatient medical office buildings. The venture is valued at approximately US$2.1 billion and encompasses a diversified portfolio of 86 properties representing roughly 5.6 million square feet of leasable space distributed across the United States. This transaction reflects continued consolidation and capital optimization strategies within the healthcare real estate sector.
The deal structure allocates ownership stakes strategically to balance control and capital resources. Healthpeak Properties maintains a 51% controlling interest, preserving operational and strategic decision-making authority over the portfolio. Brookfield and its affiliates hold the remaining 49% non-controlling stake, providing significant institutional capital and bringing specialized asset management capabilities to the partnership. This ownership configuration allows Healthpeak to leverage Brookfield's global investment platform and capital markets access while retaining day-to-day management control.
Latham & Watkins LLP served as primary legal counsel to Healthpeak across multiple practice areas. The transaction required a multidisciplinary advisory team including real estate specialists led by partner Hilary Strong and counsel Tiffany Taubman, supported by associates Kimberly Legate Ford and Daniel Eyal. Additional advice was provided on capital markets matters by partners Lewis Kneib and Reza Mojtabaee-Zamani with associate Shawn Noh, equity capital matters by partner Gary Boss, and tax structuring by partner Pardis Zomorodi and counsel William Kessler. The breadth of legal expertise deployed underscores the complexity of coordinating a multi-billion-dollar real estate joint venture involving institutional partners with distinct capital structures and investment objectives.
The deal structure allocates ownership stakes strategically to balance control and capital resources. Healthpeak Properties maintains a 51% controlling interest, preserving operational and strategic decision-making authority over the portfolio. Brookfield and its affiliates hold the remaining 49% non-controlling stake, providing significant institutional capital and bringing specialized asset management capabilities to the partnership. This ownership configuration allows Healthpeak to leverage Brookfield's global investment platform and capital markets access while retaining day-to-day management control.
Latham & Watkins LLP served as primary legal counsel to Healthpeak across multiple practice areas. The transaction required a multidisciplinary advisory team including real estate specialists led by partner Hilary Strong and counsel Tiffany Taubman, supported by associates Kimberly Legate Ford and Daniel Eyal. Additional advice was provided on capital markets matters by partners Lewis Kneib and Reza Mojtabaee-Zamani with associate Shawn Noh, equity capital matters by partner Gary Boss, and tax structuring by partner Pardis Zomorodi and counsel William Kessler. The breadth of legal expertise deployed underscores the complexity of coordinating a multi-billion-dollar real estate joint venture involving institutional partners with distinct capital structures and investment objectives.
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