Jefferson pursues sale of some of its health care real estate holdings

Thomas Jefferson University and Jefferson Health said Monday it is planning to form a long-term partnership with an Ohio real estate investment trust to free up cash for other projects, including accelerating the expansion of its network of ambulatory care centers. Under the terms of a memorandum of understanding, Welltower Inc. (NYSE: WELL) of Toledo and Jefferson plan to create a joint venture where Welltower would acquire a stake in certain real estate assets of Jefferson. Jefferson officials, while not disclosing which properties would be in play, said the move would enable it to reduce some of its fixed-asset investments and redeploy the capital to other clinical and academic strategic areas. Jefferson and Welltower expect to finalize a definitive agreement by mid-April. The organizations said the financial terms of the partnership are still being negotiated. Along with the joint venture, the alliance also calls for Welltower to provide financial support and analytical tools to help Jefferson's with future real estate investments.