X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Welltower will exit its operating relationship with Genesis HealthCare as it sells 51 wholly-owned skilled-nursing facilities through a series of transactions that will deploy approximately $745 million of anticipated proceeds into new opportunities, the company has announced.

Welltower will sell 42 traditional skilled nursing facilities for $680 million to a joint venture in which it will retain a participating preferred equity position. Of those, 35 traditional skilled nursing facilities will be sold for approximately $500 million to a joint venture comprised of Welltower, Aurora Health Network, and Peace Capital. Welltower has entered into a forward sale agreement valued at $182 million for seven skilled nursing facilities it currently sub-leases to Genesis and for which Welltower owns a bargain purchase option that can be executed in April 2023. The Aurora Health Network joint venture is intended to close at the same time Welltower exercises its bargain purchase option, Welltower said in a statement. 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.