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INDIANAPOLIS-After nearly two years of partnering with Bremner Healthcare Real Estate on healthcare projects across the nation, Duke Realty Corp. says it plans to acquire the locally based national healthcare development and management firm in a transaction slated to close in January 2007.

Under the terms of the agreement, the company will operate as a separate division of Duke and will be known as Bremner-Duke Healthcare Real Estate. Jim Bremner, Bremner Healthcare president and CEO, will join Bremner-Duke along with the company’s associates. Bremner Healthcare’s existing management structure will remain intact. The company currently manages more than 3.5 million sf of healthcare facilities and has developed approximately $1 billion in medical office buildings, outpatient surgery centers, oncology centers, orthopedic centers, wellness facilities and specialty care hospitals.

In conjunction with its acquisition of Bremner Healthcare, Duke is acquiring Bremner’s 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 sf in nine projects. The acquisition does not require shareholder approval, according to Duke.

Both Duke and Bremner Healthcare expect the acquisition to provide an opportunity for accelerated growth and increased efficiencies in healthcare projects across the US. “Combining Bremner with the Duke organization will allow us to serve our clients at a much higher level,” Jim Bremner, president and CEO of Bremner Healthcare, says in a statement. 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.”

A Duke spokesman says the company will discuss some of the reasons behind its planned acquisition at its Dec. 8 New York Investor Forum. He adds that the acquisition price has not yet been determined. Founded in 1972, Duke has a portfolio of approximately 113 million rentable sf leased by approximately 3,600 tenants. The company owns or controls more than 6,500 acres of undeveloped land that can support more than 94 million sf of additional development.

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