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Stock Market & Financial Investment News

News Breaks
August 14, 2014
08:38 EDTHCNHealth Care REIT expands relationship with Sunrise Senior Living
Health Care REIT has completed the acquisition of 11 premium-quality seniors housing communities $257M in cash from Gracewell Healthcare. Sunrise Senior Living, LLC, the management company in which HCN owns a 24% interest, will separately purchase Gracewell’s management company and manage the Portfolio going forward. The Portfolio is concentrated in Southern England and comprised of purpose-built, premium private-pay communities with 767 units. A majority of the Portfolio was built since 2012 and is still in lease up. Upon stabilization of the Portfolio, HCN expects to achieve approximately an 8% NOI yield. HCN owns the Portfolio under the RIDEA structure, allowing the company to capture the Portfolio’s strong NOI growth potential. Additionally, HCN and Sunrise entered into a development agreement with Gracewell’s founders, Tim Street and Daniel Kay, who will continue to be financed by Patron Capital, a pan-European institutional investor focused on property-backed investments. DevCo will own and operate a separate company that will develop premium-quality seniors housing communities, which HCN expects to own upon completion of construction and have managed by Sunrise. The agreement includes the redevelopment of one community in the Portfolio and a near-term development pipeline of 11 additional communities with 812 units located primarily in Greater London and Southern England, markets with tremendous demographics. The near-term pipeline is expected to be developed over the next two years and acquired by HCN upon completion of construction for a fixed price, representing an acquisition pipeline of $269M. Upon stabilization, HCN expects these developments to achieve high-single to low-double-digit NOI yields.
News For HCN From The Last 14 Days
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September 12, 2014
08:47 EDTHCNHealth Care REIT 15.5M share Spot Secondary priced at $63.75
Goldman and RBC Capital acted as joint book running managers for the offering.
September 11, 2014
18:35 EDTHCNOn The Fly: After Hours Movers
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16:03 EDTHCNHealth Care REIT files to sell 15.5M shares of common stock
HCN intends to use the net proceeds from this offering to repay advances under its primary unsecured credit facility and for general corporate purposes, including investing in health care and seniors housing properties. Goldman, Sachs & Co. and RBC Capital Markets are acting as joint book-running managers for the offering.
16:03 EDTHCNHealth Care REIT announces anticipated 2H14 acquisition pipeline of $1.7B
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