Singapore-based Keppel Corp. has acquired a 50 percent stake in Watermark Retirement Communities, one of the largest senior housing operators in the United States, for $77.3 million.
The purchase also includes 50 percent of the minority interests held by Watermark’s owners in certain retirement communities managed by Watermark.
Tucson, Ariz.-based Watermark manages 52 senior housing communities across 21 states, with a pipeline to bring the total portfolio to 60 U.S. properties by 2020. It has about 9,400 beds under management at present.
Completion of the acquisition is expected to take place in three tranches, with the first expected to take place by April 2019.
Outside the United States, in 2016 Watermark formed a joint venture with China-based insurance company Taiping to help develop and manage senior living projects in China.
