NEWPORT BEACH, CA-Griffin-American Healthcare REIT II Inc. has completed the acquisition of a 44-facility portfolio of premium senior housing and care facilities located in England, Scotland and the Channel Island of Jersey. The purchase from Myriad Healthcare Limited was made for approximately $472.2 million.
Jones Lang LaSalle represented Myriad in the transaction. As GlobeSt.com reported in July, most of the portfolio, which is known as the UK Senior Housing Portfolio, is concentrated in England’s affluent South East region, mainly in the Home Counties around Greater London, with additional locations near Birmingham, Bristol and Oxford. The Scottish component of the portfolio is composed of six facilities located in affluent areas north of Edinburgh, while two facilities are located in Jersey.
The REIT’s chairman and CEO Jeff Hanson says, “With the completion of this acquisition, Griffin-American Healthcare REIT II has added a significant international presence to our already extensive national footprint.” He adds that the REIT “is now one of the best-diversified healthcare REITs in the country in terms of geography, revenue sources and asset types with a portfolio valued at approximately $2.1 billion, based on aggregate acquisition price.”
According to Paul Jeffery, CEO of Myriad Healthcare, “This is a transformational event for our company with a partner as committed to growth in the private-pay market as we are.”
The acquisitions add approximately 962,000 square feet and 2,550 beds to the REIT’s portfolio, which currently totals 223 buildings acquired for approximately $2.1 billion, diversified across 28 states, the UK and all four clinical-asset classes.