Nationwide Health to Buy Wisconsin Retirement Homes
NEWPORT BEACH — Nationwide Health Properties Inc. said it agreed to buy five retirement home properties from a closely held Wisconsin long-term care provider for $96 million in cash, stock and debt assumption.
Nationwide, a real estate investment trust, will lease back the facilities to the seller. Terms of the lease-back agreement, as well as the name of the seller, weren’t disclosed.
Nationwide said the facilities, on five campuses in two Midwestern states, include 550 skilled nursing beds and 950 independent and assisted-living units.
The purchase price consists of about $20 million in cash, $30 million in equity and $40 million in assumed debt, said R. Bruce Andrews, Nationwide’s president.
The deal is expected to close in September.
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