Nashville-based real estate investment trust Healthcare Realty Trust has announced a joint venture with private equity firm KKR, a move that could offer a value of upwards of $1 billion. 

Under the terms of the agreement, Healthcare Realty, which owns and operates nearly 700 medical outpatient buildings, will sell 12 properties to earn an estimated $300 million to start the fund. In turn, KKR will make an equity contribution equal to 80 percent of the value of the properties. The two organizations will jointly own and invest in additional medical outpatient buildings, with KKR having committed up to $600 million to pursue additional acquisitions, according to a press release. 

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