StepStone Real Estate to Make a Significant Investment in Anchor Health Properties
StepStone Real Estate has made a strategic equity investment in Anchor Health Properties, aimed at enhancing future growth in healthcare real estate management. This investment, managed through a pension fund client, supports Anchor's plans to improve its balance sheet and credit reserves. As of June 30, 2022, StepStone oversaw US$168 billion in global real estate allocations. With this partnership, both companies expect enhanced investment opportunities and operational improvements in healthcare real estate development across the U.S.
- Strategic equity investment by StepStone in Anchor Health Properties to drive future growth.
- Investment aimed at enhancing Anchor's balance sheet and credit reserves.
- StepStone manages US$168 billion in global real estate allocations, indicating strong backing.
- None.
CHARLOTTESVILLE, Va. and MEDIA, Pa., Sept. 26, 2022 /PRNewswire/ -- StepStone Real Estate ("SRE"), the real estate arm of private markets investment firm StepStone Group Inc. (NASDAQ: STEP), has made a significant strategic equity investment in Anchor Health Properties ("Anchor"), a best-in-class owner, manager, and developer of healthcare real estate across the United States. The investment was made through a separate account managed by SRE on behalf of a large international pension fund client. As of June 30, 2022, SRE oversaw US
"The commitment of one of the world's largest institutional investors to partner with the Anchor platform will help us manage and accelerate future growth in the coming years," said Ben Ochs, Anchor's Chief Executive Officer. "We are confident that Anchor and SRE share a similar cultural fit, long-term ownership mentality, appropriate risk-adjusted decision making, and a vision to facilitate best-in-class healthcare services through our healthcare facilities across the United States. We are excited for this next chapter of Anchor's growth as we continue to 'pursue better healthcare through real estate solutions' across our three major service lines."
James Schmid, the firm's Chief Investment Officer, noted, "In early 2022, Anchor evaluated the potential to enhance the firm's corporate balance sheet and prepare for the next stage of platform growth. We had the opportunity to meet with a wide range of equity and debt capital investors across the globe and evaluate the potential to partner with strategic growth capital as we continue to expand our development, management, and investment reach and capabilities. We anticipate there will be increased investment and development opportunities in the coming months and years, and we are well positioned to take advantage to drive outsized returns for investors as those opportunities arise. Further, we are excited to benefit from SRE's insights into global capital flows and dynamic approaches to business execution."
John Waters, SRE Partner and Head of Investments added, "We got to know Anchor while we were evaluating best-in-class partners with which to make a strategic investment in the US healthcare real estate sector. We believe that our recapitalization of Anchor will help them to achieve their growth objectives and significantly enhance their operating platform going forward."
Ted Flagg, Senior Managing Director for JLL Securities, facilitated a targeted investor process to help Anchor evaluate equity and debt options for a platform investment over the course of 2022. Mr. Flagg added, "JLL Securities is pleased to have represented Anchor to find the right investor for long-term platform growth. After considering a meaningful number of different and attractive proposals from domestic and international investors, JLL worked with Anchor to determine the best strategic fit with a partner who shared a similar approach to investing, including a long-term investment mindset and a continued commitment to providing exceptional services for healthcare real estate."
Anchor Health Properties was advised on legal elements by Goodwin & Proctor LLP during the transaction process. SRE was advised by Latham & Watkins LLP. Jones Lang LaSalle Securities provided financial advisory services to Anchor Health Properties for the transaction.
Anchor Health Properties is a national, full-service healthcare real estate development, management, and investment firm serving investors and health systems. Leveraging our collective experience and resources, our nimble, and thoughtful team of professionals develop and deliver tailored, client-specific solutions to respond to today's healthcare challenges – thinking outside the "medical office box." With more than
CONTACT: Rachael Hall, Anchor Health Properties
rhall@anchorhealthproperties.com; 434-293-8004
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SOURCE Anchor Health Properties
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