Although we didn’t hear of any big deals closing last week, there were two announcements of pending deals that made us take notice:
Extendicare has agreed to sell nearly all of its senior housing operations to a group of investors for $870 million. The portfolio includes 141 properties it owns, 4 it operates under leases and 21 facilities leased to third-party operators. The transaction is scheduled to close in the second quarter of 2015.
Aviv continues on its recent tear of acquisitions in announcing a deal with Diamond Senior Living to acquire 28 properties for $305 million. The portfolio is made up of 23 skilled nursing facilities, 4 assisted living facilities and one office building. The properties are mainly located in Michigan (11), Ohio (8) and North Carolina (7), with the balance of the facilities located in Virginia and Indiana. Closing on this portfolio will occur no later than year-end.
