Sabra Health Care REIT to sell $385m portfolio
Sabra Health Care REIT has sold a portfolio of 36 skilled nursing assets and two senior housing facilities that are under contract to sell for $385 million.
All assets are operated by Senior Care Centers.
The sale of the Senior Care Centers facilities is expected to be completed in early 2019.
On Dec. 4, 2018, Senior Care Centers filed a petition for relief under Chapter 11 of the United States Bankruptcy Code in the Northern District of Texas.
“We determined it was in our best interest to forego a potential earn-out opportunity that may or may not be realized at some future date and instead receive more cash up front. We do not expect Senior Care Centers’ bankruptcy filing to have a substantive impact on our disposition of the Senior Care Centers facilities,” said Rick Matros, Sabra’s CEO and chairman.