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ST. PETERSBURG, FL-In an all-cash deal, locally based Senior Health Management LLC has contracted to pay Louisville, KY-based Kindred Healthcare Inc. $65 million or an average $3.8 million per property for Kindred’s 17-property nursing center portfolio in Florida, according to a prepared statement from Kindred.

Under a separate contract, SHM also plans to acquire Kindred’s accounts receivables on the Florida properties for an undisclosed sum.The deals are scheduled to close June 30.

However, if SHM can’t close on that date, Kindred has agreed to temporarily lease the properties from SHM until an SHM affiliate can complete the deal. Besides buying the 17 properties, SHM also plans to sublease Kindred’s remaining Florida facility.

The deal is challenging because Kindred already has a binding contract to buy the real estate on 15 of the 17 properties from Ventas Inc., also of Louisville. That deal, too, is scheduled to close June 30, the statement says.

For SHM, the acquisition will increase its management contracts to 41 and its portfolio to 67 nursing centers. Kindred also operates seven hospitals in Florida which remain in the company’s portfolio.

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