Health Care REIT Inc. of Toledo said this week that it has formed a $668 million joint venture with Forest City Enterprises under which the real estate investment trust will acquire a 49 percent interest in a seven-building life sciences campus in University Park in Cambridge, Mass., next to the Massachusetts Institute of Technology.
The value of the trust's investment is $327 million. It will invest $170 million in cash and the joint venture will assume $320 million of secured debt on the buildings.
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