NorthStar Realty Finance Corp has announced it will acquire Griffin-American Health Care REIT II for $4 billion. Both boards have agreed to the deal.
Earlier this year, at least four bidders were battling for Griffin-American, according to the Wall Street Journal. Griffin-American, launched in 2010, has been on a buying spree of its own for the past year, acquiring more than $1 million in property assets in the second half of 2013 alone.
Approximately 30 percent of Griffin-American’s portfolio is senior housing and skilled nursing properties, with medical office properties encompassing another 43 percent, noted a NorthStar release.
"This acquisition represents a highly desirable portfolio of healthcare real estate assets, which creates the framework for substantial multiple expansion and provides NorthStar Realty an exciting opportunity to unlock assets and platform value through transactions," said David Hamamoto, NorthStar Chairman and CEO, in a company statement.