Welltower to buy Quality Care Properties for about $2b

Welltower, a healthcare-focused REIT, and hospital operator ProMedica will acquire Quality Care Properties (QCP) for approximately $1.95 billion.

Welltower will own 80 percent in the joint venture, while ProMedica will own the remaining stake.

QCP is currently in the process of purchasing HCR ManorCare, which was reported in March.

“The partnership will enable ProMedica to gain immediate scale in the fast-growing home health, post-acute and memory care markets, obtain a best-in-class portfolio of assets staffed by highly trained and dedicated healthcare professionals, and develop a diversified business that can better evolve with the current healthcare industry,” the company said in a statement.