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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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May 4, 2015
16:32 EDTHCNHealth Care REIT to sell life science portfolio interest for $573.5M
Health Care REIT(HCN) announced it has entered into a definitive agreement to sell its 49% interest in seven life science buildings located at Massachusetts Institute of Technology’s University Park, a mixed-use life science campus, in Cambridge, MA. Forest City Enterprises (FCEA, FCEB) will redeem HCN’s interest for $573.5M, including HCN’s pro rata share of property-level debt of $174M. The purchase price represents a projected 5% cap rate based on forward 12 months net operating income. The disposition of the life science portfolio is incremental to HCN’s most recently disclosed 2015 disposition guidance of $400M and is expected to be completed during the second half of 2015. Additional information will be provided in HCN’s earnings release and related conference call scheduled for Friday, May 8.
May 1, 2015
16:46 EDTHCNHealth Care REIT files automatic mixed securities shelf
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