Under a separate contract, SHM also plans to acquire Kindred's accounts receivables on the Florida properties for an undisclosed sum.The deals are scheduled to close June 30.
However, if SHM can't close on that date, Kindred has agreed to temporarily lease the properties from SHM until an SHM affiliate can complete the deal. Besides buying the 17 properties, SHM also plans to sublease Kindred's remaining Florida facility.
The deal is challenging because Kindred already has a binding contract to buy the real estate on 15 of the 17 properties from Ventas Inc., also of Louisville. That deal, too, is scheduled to close June 30, the statement says.
For SHM, the acquisition will increase its management contracts to 41 and its portfolio to 67 nursing centers. Kindred also operates seven hospitals in Florida which remain in the company's portfolio.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
