Welltower Completes Purchase Of 55 Medical Buildings From CNL Healthcare Properties
Welltower Inc. (NYSE: WELL) and CNL Healthcare Properties announced yesterday that Welltower has completed the purchase of a Class A health care facilities portfolio for $1.25 billion.
“We are extremely excited to close on this transaction and are pleased with the progress we have made to date that further enhances the value of these high-quality assets,” said Keith Konkoli, Senior Vice President and leader of Welltower’s Medical Office and Outpatient segment. “By leveraging the strength of our platform, we have made substantial progress in extending ground leases, have experienced increased leasing velocity, and have identified additional opportunities to deploy capital that helps our health system partners improve care delivery to the communities they serve, further demonstrating our unique ability to drive long-term value through meaningful collaborations with the nation’s premier health systems.”
“The sale of our 55 building, Class A medical office portfolio to Welltower represents a strong, early value realization step for CNL Healthcare Properties and our approximately 45,755 stockholders,” said Stephen H. Mauldin, president and CEO of CNL Healthcare Properties. “This is the first sizeable transaction in our carefully orchestrated strategic alternatives process to provide liquidity to investors, and we are very pleased with the outcome.”