Griffin-American Spends $448M in First Euro Buy

LONDON and NEWPORT BEACH, CA-US-based Griffin-American Healthcare REIT II Inc., will pay nearly $450 million to acquire 44 premium senior care facilities in the UK.

Griffin-American has reached an agreement with with Myriad Healthcare Limited, a provider of high-quality residential care facilities to elderly people in the United Kingdom, to acquire the portfolio of facilities located in England, Scotland and the Channel Island of Jersey for an aggregate purchase price of GBP298.5 million, or approximately $447.8 million. The majority of the UK Senior Housing Portfolio, is located in England’s affluent South East region, primarily in the Home Counties around Greater London, with additional locations near Birmingham, Bristol and Oxford. The Scottish component is made up of six facilities located in affluent areas north of Edinburgh, while two facilities are located in Jersey.