REIT in $173M Merrill buyout
Health Care REIT is buying the remaining 20% equity interest in a Merrill Gardens 38-property portfolio, the two companies announced the final week of June. The additional $173 million investment will give full ownership to the REIT, which has agreed to a triple-net lease with Emeritus Senior Living to manage the properties. A third-quarter closing is anticipated.
Most of the portfolio's 4,400 units, which include assisted living, independent living and memory care, are in California or Washington, where Merrill and the REIT continue other joint ventures.