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Welltower to Acquire 4 Senior Housing Portfolios for $1.3 Billion

Continuing its aggressive investment in senior housing, Welltower (NYSE: WELL) on Thursday announced agreements to acquire four portfolios for $1.3 billion, including the $580 million acquisition of 14 properties managed by Watermark Retirement.

“Since pivoting to offense 13 months ago, Welltower is pleased to have executed on its value-driven investment thesis, largely through granular and off-market transactions completed at a significant discount to estimated replacement cost,” CEO Shankh Mitra stated in the company’s press release.

The newly announced acquisitions include:

— $580 million acquisition of eight rental and six entrance fee communities managed by Watermark, located in diverse markets such as Washington, California and Virginia

— $475 million acquisition of nine senior apartment communities, to be operated by an existing Welltower partner

— $172 million acquisition of five recently developed Class-A properties in the Mid-Atlantic and Southeast

— $119 million acquisition of three senior housing properties in the Midwest, to be operated by New Perspective

These deals bring Welltower’s total pro rata gross investments to $5.6 billion since Oct. 2020 — and further deals could be coming.

“… We have recently observed a meaningful uptick in potential investment opportunities as the level of motivation from various sellers has risen, coinciding with further industry disruption due to the Delta variant and challenging labor environment,” Mitra stated. “With $5.3 billion of current near-term liquidity, including $1.0 billion of efficiently raised unsettled equity proceeds, we are well positioned to capitalize on the robust near-term capital deployment pipeline and continue to create significant per share value for our shareholders.”

This is a developing story that may be updated.

The post Welltower to Acquire 4 Senior Housing Portfolios for $1.3 Billion appeared first on Senior Housing News.

Source: For the full article please visit Senior Housing News

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