Duke Realty Closes $2.8B Sale Of 72-Building Medical Office Package
Industrial REIT Duke Realty has completed its $2.8 billion sale of 72 medical office buildings to Healthcare Trust of America as it ramps up its bulk-space strategy.
“I am happy to announce that we have substantially completed the previously announced sale of our medical office business, generating $2.45 billion in proceeds to date, with the remaining properties expected to close during the third quarter,” said Duke CEO Jim Connor in a second quarter results statement.
Duke used some of the sale proceeds to pay down its debts and placed $796 million in escrow to finance future acquisitions and development, according to Mark Denien, Duke’s chief financial officer.
Source: Real Estate Weekly