A ‘large international pension fund’ acquires a share of the firm; JLL helps facilitate
By John B. Mugford
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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