Transactions: Investor buys into Anchor’s operating platform

A ‘large international pension fund’ acquires a share of the firm; JLL helps facilitate

By John B. Mugford

James Schmid, Katie Jacoby and Ben Ochs of Anchor Health Properties. (Photo courtesy of Anchor)

One of the healthcare real estate (HRE) sector’s most prolific private development, management and acquisition firms has sold a share of ownership in its operating platform.

In what is being described as a “win-win” transaction for the main entities involved, Charlottesville-based Anchor Health Properties announced Monday (Sept. 26) that StepStone Real Estate (SRE) made a “significant, strategic equity investment in Anchor” through a separate account on behalf of a “large international pension fund client” that sources say is an Australia-based superannuation fund.

Although the StepStone name might be unfamiliar to most HRE professionals, SRE is the real estate arm of La Jolla, Calif.-based StepStone Group Inc. (Nasdaq: STEP), a private market investment firm with total capital allocation of $588 billion and $137 billion in assets under management (AUM), according to its website.  The parent company – which specializes in private equity, private debt, infrastructure, real estate and technology solutions – has 23 offices with more than 800 professionals worldwide.

The transaction did not include a recapitalization or sale of Anchor’s vast portfolio of real estate, which the firm owns with various institutional equity capital partners as well as through a co-managed discretionary equity fund, that comprises more than 165 medical office and related facilities with a total of about 9 million square feet of space across the United States.

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