Prudential Financial's (PRU) PGIM unit and Lincoln Property Company said Tuesday they have launched a joint venture to invest in outpatient medical properties across the US.

The multiyear partnership, arranged by BlackBirch Capital, aims to build a customized portfolio of health care assets through a long-term investment strategy, the companies said.

Lincoln and PGIM said they have already acquired two medical centers in Texas and California, totaling 193,000 square feet.

The firms plan to target Core Plus and Value-Add properties that support outpatient care for various health care providers, they said.

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