Cornerstone Companies has formed a joint venture (JV) with investment firm KKR to acquire and develop a portfolio of healthcare properties across the US.

The two companies have seeded the portfolio with the recapitalisation of Cornerstone’s 25 healthcare properties that include medical office buildings and ambulatory surgery centres located across 12 states.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The JV plans to acquire more than $1bn healthcare real estate assets in the next few years using credit funds and commitments from KKR’s real estate and Cornerstone.

KKR director Michelle Hour said: “We will contribute capabilities from across KKR’s real estate, credit and healthcare industry teams to support sourcing and underwriting of assets for the Joint Venture.

“As investors in the healthcare sector for more than two decades, our relationships and understanding of the needs of tenants will help us to provide attractive ownership for their mission-critical real estate.”

Cornerstone and KKR will grow the portfolio through acquisitions and net lease development opportunities.

The companies will mainly invest in ambulatory surgery centres, facility-based outpatient healthcare assets and long-term leased single-tenant medical office buildings.

Cornerstone president and CEO Tag Birge said: “This strategic partnership significantly increases our reach and capacity to deliver investment and development solutions for leading physician groups and health systems.

“We are very excited to work with a partner in KKR who shares our commitment to lasting client relationships and strong focus on portfolio construction and underwriting.”

In 2019, KKR and an affiliate of Singapore’s sovereign wealth fund GIC invested in Philippines-based Metro Pacific Hospital Holdings.