RREEF, NexCore Complete Sale of $62 Million Healthcare Real Estate Portfolio

RREEF North America, in conjunction with Cain Brothers and NexCore Group, has completed a competitive recapitalization process for three, on-campus medical office buildings totaling approximately 275,000 square feet. Ventas, Inc., a leading healthcare real estate investment trust, was awarded the portfolio, which includes the Eberle Medical Office Building located on the Alexian Brothers Medical Center campus in Elk Grove Village, Ill., Doctors Office Building III on the St. Alexius Medical Center campus in Hoffman Estates, Ill., and Avista Two Medical Plaza on the Avista Adventist Hospital campus in Louisville, Colo. The Illinois properties are currently 100% leased and the Colorado property is 98% leased.

NexCore Group, an experienced medical real estate firm that manages a 1.4 million square foot portfolio nationwide, has an existing joint venture with Ventas totaling $94 million. According to NexCore President and Chief Executive Officer, Greg Venn, “Our firm is very pleased that this transaction was awarded to Ventas and that we can expand upon our fruitful relationship. NexCore is excited to continue managing these three medical office buildings and fulfilling our mission of helping hospital clients and physicians on these campuses. We know that Ventas will step into RREEF’s shoes and manage these high-quality medical assets in the way our clients are accustomed to.”

The RREEF-NexCore-Ventas transaction is another indication that medical assets are holding their value in the marketplace.

About Ventas
Ventas, an S&P 500 company, is a leading healthcare real estate investment trust with total enterprise value of approximately $7 billion and equity market capitalization of approximately $6 billion. Its diverse portfolio of properties located in 43 states and two Canadian provinces includes senior housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties.

RREEF North America is a full-service real estate investment advisor. Since its formation in 1975, the firm’s assets under management have grown to $19.3 billion. RREEF North America offers a diverse menu of investment options including separate accounts, core and value-added private investment vehicles, and investments in publicly traded real estate securities.