ORLANDO, FL-Sentio Healthcare Properties Inc. reports it has signed a definitive agreement with an affiliate of Kohlberg Kravis Roberts & Co. L.P. (KKR) to provide the Orlando-based REIT with $150 million of convertible preferred equity.
The agreement with KKR calls for the equity infusion over the next two to three years with proceeds to be used to fund new acquisitions.
“We are very excited to have an industry leader like KKR as a long-term partner who can help us access new opportunities through its vast network of relationships,” says John Mark Ramsey, president and CEO of Sentio. “We believe KKR’s financial commitment and real estate and capital markets capabilities will complement Sentio’s industry expertise to help us drive meaningful shareholder value in the coming years.”
According to its company website, Sentio, which is a public, non-listed REIT, owns a total of 15 senior housing facilities in Texas, Florida, Indiana, South Carolina, Tennessee, Ohio, Pennsylvania, New Hampshire and Illinois. Its five medical facility holdings are located in Texas, Georgia and Colorado.