Welltower is selling and transitioning 147 skilled nursing facilities currently operated by ProMedica to a newly formed partnership between Welltower and Integra Health, the companies announced this week.
Toledo, OH-based ProMedica will continue to operate 58 Arden Courts memory care communities in a joint venture with the Welltower REIT.
ProMedica, with its portfolio now skewed to memory care, has agreed to surrender its 15% interest in the SNF assets involved in their existing 85/15 joint venture with the REIT and will provide significant working capital to ensure a smooth transition of the skilled nursing facilities to new operators, Welltower's statement said.
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