REITs make portfolio buys worth $1.1b
Three property portfolios have been acquired by three different REITs for a total of $1.09 billion in sales prices. REITs have been active buyers; earlier this week, REITs purchased $1.7 billion in self-storage and hotel properties.
The largest acquisition was made by Health Care REIT and joint venture partner Revera, which agreed to acquire Regal Lifestyle Communities through an existing 75-25 joint venture for C$12 per share in cash, or a total enterprise value of approximately C$766 million ($623 million).
Regal is a publicly traded Canadian corporation that owns and operates 23 high-quality senior housing communities with over 3,600 units. This private-pay portfolio includes 13 communities in Ontario, seven in Quebec, and one each in British Columbia, Saskatchewan and Newfoundland.
HCN and Revera formed a joint venture in