New Senior, Health Care REIT announce major acquisitions
New Senior Investment Group Inc. has acquired 28 long-term care properties from Holiday Retirement for $640 million, according to MarketWatch. The properties are a mix of private-pay, independent living and senior housing.
The portfolio contains 3,298 independent living units in 21 states and had an average occupancy rate of 88 percent as of May 2015, MarketWatch reported.
“We are excited to add 28 independent living properties to our portfolio through this accretive acquisition," New Senior Chief Executive Officer Susan Givens told MarketWatch. "This transaction further increases our industry-leading private-pay senior housing (net operating income) exposure to 91 percent of our portfolio."
Health Care REIT (HCN) and Revera announced plans to acquire Regal Lifestyle Communities Inc. in a joint venture for $623 million, according to MarketWatch. Revera Inc., is a privately owned Canadian provider of long-term care services for seniors.
Regal is a publicly traded Canadian corporation that owns and operates 23 high-end seniors housing communities with more than 3,600 units. The acquisition includes communities in Ontario, Quebec, British Columbia, Saskatchewan and Newfoundland.
“Together with our partner, Revera, we continue to deliver compelling housing and care settings for Canada's growing senior population,” Tom DeRosa, HCN’s Chief Executive Officer, told MarketWatch. “The acquisition of Regal is a rare opportunity to add a large, high-quality private-pay portfolio concentrated in Canada's largest metropolitan markets, where there is strong underlying demand. ”
Megan Combs was Associate Editor of I Advance Senior Care / Long Term Living from 2013-2018.
Topics: Facility management , Operations