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Health Care REIT buys HealthLease for $950M

August 13, 2014
Associated Press

NEW YORK (AP) — Health Care REIT said Wednesday it will spend as much as $2.3 billion on a deal that could give it more than 100 additional properties in the U.S. and Canada in the next few years.

The company said it will pay about $950 million, or $14.20 Canadian per share, to buy HealthLease Properties. HealthLease owns 53 senior housing, acute care and long-term acute care communities, most of which are in North Carolina; Indiana; and Alberta, Canada. More than half of its communities have been built since 2010.

The Toledo, Ohio, company said it expects that deal to close during the fourth quarter.

Health Care REIT Inc. also announced a partnership with Mainstreet Property Group, which manages HealthLease. As part of that deal, Health Care REIT will buy 17 Mainstreet communities that are being built in the Kansas City, Missouri; Denver; and Indianapolis areas. Health Care REIT said it will acquire those communities as construction is completed and will pay about $369 million in total.

The agreement also includes a financial deal for 45 additional Mainstreet projects that will give Health Care REIT an option to buy those communities. The total price for that deal could reach $1 billion.

Health Care REIT will not take on any employees from HealthLease or Mainstreet as part of the deal.

Health Care REIT Inc. is a real estate investment trust that owns senior housing and health care real estate. It has 1,224 properties in the U.S., Canada, and the U.K. Its shares closed at $63.51 on Tuesday.

 
 

 

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