TOLEDO-A little more than a week after announcing an offering of 22 million shares of common stock to the public, Health Care REIT Inc. has completed its public offering, successfully selling 29.9 million shares of common stock at $56 per share. The gross proceeds of the sale totaled approximately $1.7 billion.
According to a press release from the local REIT, total shares sold include approximately 3.8 million sold pursuant to the underwriters’ exercise in full of their option to purchase additional shares. The press release further points out that net proceeds from the offering will be used to repay advances under its unsecured lines of credit, to repay other outstanding indebtedness and for general corporate purposes, including investing in health care and seniors housing properties.
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In conjunction with investments in senior housing properties, Health Care REIT stated last week that the value of its Sunrise Senior Living Inc. pending acquisition has increased to approximately $3.2 billion, thanks to a buyout of majority partners involved with joint venture properties. The REIT announced in late August that it had entered into a definitive agreement to acquire Sunrise Senior Living Inc. of McClean, VA for close to $2 billion.
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