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$4B Brings Griffin-American Healthcare II to NorthStar

NEW YORK CITY—When the cash-and-stock deal closes, NorthStar will boast “a leading healthcare real estate platform with a strong mix of diversified assets, attractive contractual lease bumps and formidable EBITDAR coverage,” says the REIT's James Flaherty.

By Paul Bubny | Updated on August 05, 2014

NEW YORK CITY—NorthStar Realty Finance Corp. is stepping up its game in the healthcare real estate arena by acquiring Griffin-American Healthcare REIT II. The two companies announced Tuesday morning that their boards had approved the $4-bilion stock-and-cash acquisition, which includes the assumption of $600 million in debt.

Griffin-American II’s healthcare portfolio is comprised mainly of medical office properties and senior housing in the US and UK. NorthStar is acquiring it at a 6.4% cap rate; the portfolio increases owned real estate to about 75% of the pro forma company.

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