REIT WOULD BUY INTERESTS IN 7 MOBs WITH A TOTAL OF 600,000 SQUARE FEET
By John Mugford
Newport Beach, Calif.-based Nationwide Health Properties Inc. (NYSE: NHP) and San Diego-based Pacific Medical Buildings (PMB) made big headlines the last time they struck a big deal in early 2008.
That deal was for as much as $2 billion and entailed NHP agreeing to acquire more than 20 existing MOBs for more than $900 million.
The deal also called for NHP to acquire up to another $1 billion worth of future developments by PMB over the course of seven years. For more on the transaction.
In recent weeks, the two entities neared agreement on another deal – this one not quite as massive but very significant in today’s marketplace.
The deal calls for NHP to acquire seven MOBs from PMB for anywhere from $275 million to $300 million, according to a published report highlighting NHP’s third quarter (Q3) activities. Under the agreement, NHP would acquire a 100 percent interest in three MOBs and the remaining 55 percent stakes in two additional MOBs in which it is a minority owner.
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