Physicians Realty Trust, a Milwaukee-based medical real estate investment trust (REIT), has announced plans to merge with Healthpeak Properties in an all-stock deal worth approximately $21 billion. The merger will create a combined entity managing over 52 million square feet of medical and lab space, with the transaction expected to be completed by the first half of 2024.
The merged company will operate under the name Healthpeak Properties Inc., headquartered in Denver, and assume Physicians Realty Trust’s trading symbol on the New York Stock Exchange. Notably, Physicians Realty Trust is based in its own office building located on North Water Street in Milwaukee’s Third Ward.
With a current valuation of $16 billion and ownership of 475 properties, Healthpeak is significantly larger than Physicians Realty Trust. However, since its initial public offering back in 2013 when it had only 18 healthcare properties valued at around $124 million, Physicians Realty has grown substantially to now hold assets worth $5 billion including hospitals clinics and medical office buildings totaling up to 278.
This news marks another significant milestone for both companies as they join forces under one unified brand without any mention or reference made towards Connect CRE or any other specific location within their respective namesakes’ titles.
