News & Analysis: HCN diversifies into bio


By John Mugford

Health Care REIT Inc. (NYSE: HCN) has become the latest healthcare real estate investment trust (REIT) to make a major play in the life sciences sector, taking an ownership interest in what many consider to be the nation’s premier biopark.

The Toledo, Ohio-based REIT announced Feb. 22 that it has formed a $668 million joint venture (JV) partnership for a seven-building, 1.2 million square foot life sciences portfolio in University Park at MIT, a 27-acre mixed-use development in the bioscience mecca of Cambridge, Mass.

Health Care REIT says it has partnered with Cleveland-based Forest City Enterprises Inc. (NYSE: FCE.A and FCE.B), which developed University Park over about a quarter-century in partnership with the Massachusetts Institute of Technology (MIT).

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