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An HCR MancorCare facility. Photo by HCR ManorCare

BETHESDA, MD–Health care REIT Welltower has entered into a definite agreement to acquire Quality Care Properties in an all-cash transaction for $20.75 per share, or approximately $1.95 billion. The locally-based company has also negotiated a separate agreement with ProMedica Health System in which ProMedica will acquire Quality Care’s troubled skilled nursing tenant HCR ManorCare when it completes its Chapter 11 bankruptcy. ProMedica will also acquire Quality Care’s other major tenant, Arden Courts, the nation’s second largest provider of post-acute services and long-term care.

The two deals are expected to close concurrently, with Welltower forming an 80/20 joint venture with ProMedica to facilitate the transactions and to hold the HCR ManorCare and Arden Courts real estate.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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