Senior Housing Lands 13-Asset CommonWealth Portfolio

NEWTON, MA-The $167-million deal for medical office properties in eight states closes the loop on a first-refusal arrangement the two locally based REITs have had since 1999.

By Paul Bubny | Updated on September 21, 2011

NEWTON, MA—Closing the loop on a first-refusal arrangement the two REITs have had in place since 1999, CommonWealth REIT said on Wednesday it has agreed to sell 13 suburban medical office properties for $167 million to Senior Housing Properties Trust. Both REITs are headquartered here. The sales are expected to be completed before year’s end, and represent the last of the properties under Senior Housing’s right of first refusal to buy from Commonwealth.

A CommonWealth spokeswoman tells GlobeSt.com the sale is in line with its strategy, announced in 2008, of divesting older suburban properties and reinvesting sale proceeds into core CBD assets. That has entailed selling more than $1 billion worth of medical office to Senior Housing since 2008; Senior Housing was formerly a wholly owned subsidiary of CommonWealth until it was spun off in ’99.

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