Health Care REIT acquires HealthLease Properties REIT

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Health Care REIT Inc. ((NYSE: HCN) agreed to acquire HealthLease Properties REIT , in a transaction valued at $950 million.

HCN also agreed to acquire 17 of Mainstreet's Next Generation® properties under construction, and enter into a development partnership with Mainstreet with respect to 45 future properties, for a combined value of approximately $1.4 billion.

The transaction between Mainstreet and HCN creates the leading short-stay rehabilitation and therapy development partnership in the United States.

“Throughout HCN's history, our strategy has been to fuel its growth by forming mutually beneficial partnerships with leading seniors housing and post-acute operators,” said Tom DeRosa, CEO of HCN. “… Mainstreet's award-winning NextGen prototype gets patients out of acute-care hospitals and into a lower-cost, more consumer-friendly environment.”