DHC - Diversified Healthcare sells 10% stake in Boston complex for $108M

• Diversified Healthcare Trust ( NASDAQ: DHC ) has sold an additional 10% equity interest in a two-building life science complex in Boston to an existing joint venture partner for ~$108M, it said Wednesday.
• The purchasing partner now owns a 45% stake in the joint venture, another partners continues to own a 45% equity interest, and DHC now owns 10% of the venture. The transaction price is based on a property valuation of $1.7B less the $620M of existing secured debt on the property.
• Diversified Healthcare ( DHC ) plans to use the proceeds to fund capital expenditures, to reduce outstanding debt, and for other general business purposes.
• The property was acquired by DHC in May 2014 for $1.1B and consists of two 15-story class A LEED Gold certified life science buildings in Boston's Seaport district. The buildings are ~95% leased to Vertex Pharmaceuticals and include 1.1M rentable square feet of lab, corporate office, and street level retail space.
• In January, DHC entered into a $703M joint venture for 10 properties in its office portfolio with two institutional investors.

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