{"id":1004102363,"date":"2014-08-18T07:30:16","date_gmt":"2014-08-18T15:30:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004102363"},"modified":"2022-12-08T00:36:34","modified_gmt":"2022-12-08T08:36:34","slug":"health-care-reit-buys-gracewells-u-k-portfolio-for-257m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\/","title":{"rendered":"Health Care REIT Buys Gracewell\u2019s U.K. Portfolio for $257M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/p>\n

Health Care REIT Inc. is having quite a busy month. Its latest move is the acquisition of a portfolio of 11 premier private-pay communities from U.K.-based Gracewell Healthcare.\u00a0 HCN acquired the 767-unit collection, based in Southern England, for $257 million in cash.<\/p>\n

The Gracewell portfolio is none too shabby, consisting predominantly of properties developed within the last two years, and with HCN\u2019s ownership of the assets under the RIDEA structure, the REIT is poised to benefit from the portfolio\u2019s strong NOI growth potential.<\/p>\n

In addition to growing its footprint in England, HCN used the Gracewell purchase to expand its relationship with management company Sunrise Senior Living L.L.C., of which HCN owns 24 percent. Sunrise, which has had a presence in England for more than 10 years, has agreed to acquire Gracewell\u2019s management division, thereby taking over management responsibilities for the newly purchased Gracewell communities.<\/p>\n

And there\u2019s more much more to the Gracewell transaction: HCN and Sunrise have signed a deal to redevelop an existing seniors housing community and develop 11 more properties totaling 812 units with Gracewell\u2019s founders, Tim Street and Daniel Kay. Street and Kay will be able to rely on their ongoing relationship with Patron Capital for financing.<\/p>\n

\u201cHCN has built a strategic position in the U.K. as the leading partner to the premium private-pay seniors housing industry,\u201d Tom DeRosa, CEO of HCN, noted in a prepared statement. \u201cThis latest acquisition brings together the operating expertise of Sunrise, the development expertise of Gracewell and the strategic capital of HCN.\u201d<\/p>\n

The Gracewell acquisition\u00a0 and the new Sunrise partnership come right on the heels of HCN’s purchase of the outstanding units of HealthLease Properties Real Estate Investment Trust in a deal valued at $950 million<\/a>, another all-cash deal. The transaction involves 53 high-quality seniors housing, post-acute care and long-term care communities. Additionally, HCN committed to acquiring 17 of Mainstreet\u2019s Next Generation properties that are currently under construction and entered into an agreement involving the future development of 45 properties. The purchase of the units and the development have a total value of $1.4 billion.<\/p>\n

Sunrise\u2019s recent activities are being viewed in a positive light by many. \u201cBoth deals carry attractive total return profiles\u2014accounting for both initial yields and potential future cash-flow growth\u2014of roughly 9.5 percent or greater, which compares very favorably to our mid-7s estimate of Health Care REIT\u2019s cost of funding, thus creating value for shareholders,\u201d Todd Lukasik, senior analyst with Morningstar Inc., told Commercial Property Executive<\/i>. \u201cFurthermore, both transactions include potential future investment opportunities for Health Care REIT to invest alongside its operating partners\u2019 growing businesses, which furthers the success of Health Care REIT\u2019s well-articulated and well-executed relationship investment strategy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Health Care REIT Inc. has acquired a portfolio of 11 premier private-pay communities from U.K.-based Gracewell Healthcare. <\/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":[16,21754,21742,21785],"tags":[],"class_list":["post-1004102363","post","type-post","status-publish","format-standard","hentry","category-international","category-medical-office","category-latest","category-property-management"],"acf":[],"yoast_head":"\nHealth Care REIT Buys Gracewell\u2019s U.K. Portfolio for $257M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Health Care REIT Buys Gracewell\u2019s U.K. Portfolio for $257M\" \/>\n<meta property=\"og:description\" content=\"Health Care REIT Inc. has acquired a portfolio of 11 premier private-pay communities from U.K.-based Gracewell Healthcare.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-18T15:30:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T08:36:34+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Health Care REIT Buys Gracewell\u2019s U.K. Portfolio for $257M\",\"datePublished\":\"2014-08-18T15:30:16+00:00\",\"dateModified\":\"2022-12-08T08:36:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/\"},\"wordCount\":464,\"commentCount\":0,\"articleSection\":[\"International\",\"Medical Office\",\"News\",\"Property Management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/health-care-reit-buys-gracewells-u-k-portfolio-for-257m\\\/\",\"name\":\"Health Care REIT Buys Gracewell\u2019s U.K. Portfolio for $257M - 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