Private equity firm KKR and real estate investor Cornerstone Companies will establish a joint venture to acquire and develop a portfolio of healthcare properties, the companies said Sept. 15.
To seed the joint venture's new portfolio, KKR has recapitalized 25 healthcare properties in 12 states owned by Cornerstone. The properties include medical office buildings and ambulatory surgery centers.
The joint venture plans to acquire more than $1 billion in healthcare real estate assets in the next few years.
"This strategic partnership significantly increases our reach and capacity to deliver investment and development solutions for leading physician groups and health systems," said Tag Birge, president and CEO of Cornerstone. "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."