Sabra Health Care REIT plans to acquire a 49% equity stake in a U.S. senior housing portfolio worth $1.62B.
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The REIT's investment is valued at an estimated $371M and comes with an option to purchase 100% of the portfolio in the next three years by acquiring TPG Real Estate’s 51% majority interest through a joint venture agreement, McKnight’s Senior Living reports.
The portfolio includes 183 senior housing communities across 20 states in the U.S. Each property is managed by Enlivant (backed by TPG), which will continue to manage them under a 10-year contract. The transaction is expected to close by the end of the year.
This marks one of several large deals the REIT has been involved in this year. Sabra shareholders recently voted in favor of a merger with Care Capital Properties, despite some earlier opposition. The $7.4B merger is anticipated to generate about $20M in annual cost savings.
