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| Generic Senior Housing photo Not part of the Griffin-American deal below |
NEWPORT BEACH, CA, (July 11, 2013) – Griffin-American
Healthcare REIT II, Inc., announced today that the REIT has entered into
definitive agreements with Myriad Healthcare Limited, a provider of
high-quality residential care facilities to elderly people in the United
Kingdom, to acquire a 44-facility portfolio of premium senior housing and care
facilities located in England, Scotland and the Channel Island of Jersey for an
aggregate purchase price of £298.5 million, or approximately $447.8 million
based on the currency exchange rate on the date the agreements were executed.
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| Jeff Hanson |
The majority of the portfolio, known as the UK Senior
Housing Portfolio, is concentrated in England’s affluent South East region,
primarily in the Home Counties around Greater London, with additional locations
near Birmingham, Bristol and Oxford.
The Scottish component of the portfolio is comprised of six
facilities located in affluent areas north of Edinburgh, while two facilities
are located in Jersey.
Approximately 52 percent of the portfolio’s year-end 2012
revenue was derived from private pay residents, significantly higher than the
UK national average of 32 percent, according to statistics provided by the
London School of Economics’ Personal Social Services Research Unit.
“Since the launch of Griffin-American Healthcare REIT II in
2009, we have consistently stated that our goal is to build a diverse portfolio
of healthcare real estate and to establish one of the best REITs in the market
on behalf of stockholders,” said Jeff Hanson, chairman and chief
executive officer of the REIT.
“Upon completion of this acquisition, Griffin-American
Healthcare REIT II will add a significant international presence to an already
extensive national footprint, creating one of the largest and best diversified
healthcare REITs in the world in terms of geography, revenue sources and asset
types.
“ Further, upon closing, our portfolio will exceed $2.0
billion, based on aggregate purchase price.”
Under the terms of the transaction agreements, the UK
portfolio will be leased to Myriad Healthcare Limited, operating as Caring
Homes, under 35-year absolute net leases with annual rent escalations.
For a complete copy of the company’s news release, please
contact:
Damon Elder
(949) 270-9207
.
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