By Barbra Murray, Contributing Editor<\/p>\n
Royal Senior Care L.L.C. has sold the bulk of its seniors housing portfolio in a transaction valued at $230 million. The 12 assets, located in the southeastern United States., account for 1,310 units.<\/p>\n
It’s quite a big deal and Gazit-Globe is pocketing the majority of the proceeds. The Tel Aviv, Israel-based company, best known as one of the largest grocery-anchored shopping center owners in the world, possesses a 60 percent interest in Royal Senior through its subsidiary, Gazit Senior Care Inc.<\/p>\n
“This transaction is a great achievement for our local team which shows the group’s ability to successfully acquire, manage, and develop properties and platforms, including within the health care real estate sector,” said Roni Soffer, president of Gazit-Globe.<\/p>\n
The sale, however, does not quite mark the end of Gazit-Globe’s life in the American seniors housing arena. The company still has a joint venture interest in two communities, as well as full ownership of an additional facility and a developable land parcel.<\/p>\n
The seniors housing market remains on the upswing. According to a report by Marcus & Millichap Real Estate Investment services, occupancy levels in all sub-sectors increased during the second quarter and rents are also on the rise. In the current climate, if owners want to sell, there are plenty of buyers at the ready.<\/p>\n
“While investors are unlikely to repeat the banner trading year that was 2011, activity in the seniors housing sector is at a sustainable pace and demand will continue to filter into the product from outside sources,” said the report.<\/p>\n
Earlier this week, news emerged that BPM Senior Living had sold eight properties to Newcastle Investment Corp. for $143 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Royal Senior Care has sold the bulk of its seniors housing portfolio for $230 million to an Israel-based company.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21754,21742],"tags":[],"class_list":["post-1004045658","post","type-post","status-publish","format-standard","hentry","category-international","category-medical-office","category-latest"],"acf":[],"yoast_head":"\n