Griffin American Healthcare REIT III Inc. is acquiring Trilogy Health Services for $1.125 billion in one of the sector’s largest transactions of the year. The joint-venture deal will also include Northstar Healthcare Income, a non-traded real estate investment trust, which will own 30% of Trilogy upon closing.
Griffin American will own 70% and retain management rights to Trilogy. The deal will nearly double Griffin American in size, boosting its portfolio to about $2 billion.
Trilogy will continue to focus on developing continuing care retirement communities in the Midwest, company president and CEO Randy Bufford told McKnight’s. The Louisville, KY-based company plans to open 10 communities — eight new ones and two replacements — in 2016, he added.
The sale is expected to close by the end of the year.
