DHC - Diversified Healthcare Trust announces JV partner for Boston Seaport property

Diversified Healthcare Trust (NASDAQ:DHC) has entered into pact with a global institutional investor to acquire an equity interest in DHC’s existing joint venture that owns the two building life science complex located at 11 Fan Pier and 50 Northern Avenue in Boston, MA.  DHC receives proceeds of ~$378M in exchange for 35% equity interest, with the existing partner continuing to own a 45% equity interest and DHC owning the remaining 20% equity interest. The two buildings are ~95% leased to Vertex Pharmaceuticals through 2028 and include 1.1M rentable square feet of lab, corporate office and street level retail space. The joint venture is managed by The RMR Group (NASDAQ:RMR), a leading U.S. alternative asset management company that is headquartered in Newton, MA and the manager of DHC.  DHC expects to use the cash proceeds to fund capital expenditures, to reduce outstanding indebtedness and for other general business purposes.

For further details see:

Diversified Healthcare Trust announces JV partner for Boston Seaport property