21 Assisted Care Units to Be Sold
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Health Care Property Investors Inc. said Tuesday that it is selling 21 assisted-living communities to Emeritus Corp.’s Assisted Living unit for about $114.3 million.
The sale will add about $18 million to Health Care’s equity base and allow it to reinvest the proceeds at a higher return, the Newport Beach real estate investment trust said.
Health Care said its recent investments have yielded between 10.7% and 11.3% and it expects to reinvest the proceeds from the sales at similar yields after the transaction closes in the third quarter.
The transaction is subject to approval of the boards of each company and to Emeritus’ ability to obtain financing.
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