Seavest And Nuveen Partner In $1 Billion Medical Office Transaction

Seavest Healthcare Properties, LLC, the New York City and White Plains based healthcare real estate investment management firm, a division of the Seavest Investment Group, LLC, has concluded a transaction including a portfolio recapitalization in partnership with Nuveen Real Estate, one of the largest real estate managers globally.

The approximately $1 billion transaction closed in December 2021. Seavest recapitalized a portion of its portfolio of high-quality medical office buildings with Nuveen which has $1.2 trillion under management and $144 billion in real estate assets across the globe. The transaction extends Seavest’s and Nuveen’s existing relationship in the medical office building and outpatient medical facility sector.

“This transaction is a great addition to Nuveen’s healthcare real estate portfolio, and we are excited to expand our partnership with Seavest. Nuveen is focused on investing in strategically located, high quality medical facilities that are positioned to efficiently deliver quality care to the surrounding community. This portfolio accomplishes that,” said Andrew Pyke, Head of Healthcare Real Estate at Nuveen.

“The transaction is a testament to our ongoing success working together,” said John Winer, Senior Managing Director & CIO of Seavest.  “We have assembled a portfolio of highly strategic medical properties through our acquisition and development efforts. This enhancement to our partnership with Nuveen enables Seavest to advance our mission of building long term relationships with our health system and physician tenants.”

BlackBirch Capital acted as the exclusive financial advisor to Seavest Healthcare Properties in the transaction. Goodwin Proctor, LLC served as legal counsel.

Source: HREI