Duke Realty Corporation (“Duke”) announced that it has agreed to acquire Bremner Healthcare Real Estate (“Bremner Healthcare”), a national healthcare development and management firm. The company will be known as Bremner-Duke Healthcare Real Estate (“Bremner-Duke”), and will operate as a separate division of Duke. Jim Bremner, Bremner Healthcare president and CEO, will join Bremner-Duke along with the company’s associates, and its management structure will remain intact. The acquisition, which does not require shareholder approval, is expected to close in January 2007.
In addition to the acquisition of Bremner Healthcare, Duke will acquire its remaining 50% interest in the healthcare properties currently owned by a joint venture formed by Duke and Bremner Healthcare in 2004. These properties consist of 784,000 square feet in nine projects throughout the United States. By combining these operations under Duke Realty Corporation, both parties believe that the growth opportunities available in the healthcare industry can be accelerated, and efficiencies can be realized through the combination of operating systems. “The healthcare real estate industry has become more sophisticated over the past few years,” said Jim Bremner, president and CEO of Bremner Healthcare. “Combining Bremner with the Duke organization will allow us to serve our clients at a much higher level. Hospitals and physician groups throughout the country desire a partner with capital strength and local real estate expertise. Duke’s local presence in 19 cities provides us instant access to real estate professionals in the growing healthcare markets.”
