An HCR MancorCare facility. Photo by HCR ManorCareTOLEDO, OHIO–Following Quality Care Properties' shareholders vote to approve its acquisition by Welltower this week, the REIT and its partner in the deal ProMedica, have closed on the $4.4 billion transaction.
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The 80-20 joint venture, in which Welltower is the majority partner, has acquired Quality Care Properties and its principal tenants, HCR ManorCare, currently in Chapter 11 bankruptcy, and Arden Courts.
The acquisition of HCR ManorCare will allow Welltower to better target post-acute care services, said Tom DeRosa, CEO of Welltower, in a prepared statement. “Individuals in their 70s and 80s are the fastest growing segment of the U.S. population, yet the current senior care environment is fragmented, costly and inefficient,” he says.
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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.
