HealthLease Properties REIT Completes Acquisition of 12 Senior Housing and Care Properties in Canada and the U.S.
|Areas||Banking and Finance Law, Commercial Real Estate, Corporate Finance and Securities, Health Care Law, Tax|
Goodmans represented HealthLease Properties Real Estate Investment Trust (HealthLease) in connection with the acquisitions of two senior housing portfolios consisting of 12 senior housing and care properties in the U.S. and Canada from Continuum Health Care Holdings Ltd. and its affiliates on July 31, 2013. With the completion of the acquisitions, HealthLease’s portfolio now consists of 43 facilities with a total of 4,526 beds across seven states and two provinces.
The U.S. portfolio consists of six properties totaling 495 beds, including one property in each of North Carolina and Ohio and four in Virginia, with a purchase price of US$77.6 million. In Canada, HealthLease (i) acquired six seniors housing and care properties located in Alberta, Canada for $69.7 million and (ii) provided mezzanine financing for two properties under development in the amount of $5.3 million. HealthLease has agreed to purchase the development properties at completion for an aggregate purchase price of $53.3 million. Following the closing of the acquisition of the Canadian portfolio, Continuum will continue to operate the seniors housing and care properties located in Alberta, Canada under ten-year leases.