Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Welltower Largely Exits Operating Relationship with Genesis
Welltower said it had substantially exited its operating relationship with Genesis HealthCare, while expanding its relationship with ProMedica. The Toledo, OH-based healthcare REIT has entered into definitive agreements to sell 42 traditional skilled nursing facilities for $680 million to a joint venture in which it will retain a participating preferred equity position.
Welltower will also contribute its nine mostly purpose-built former PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into its 80/20 JV with ProMedica at a total value of $292 million. Genesis is expected to transition operations in the coming months to ProMedica at which time the former PowerBack facilities will be contributed to the JV.
“The quality of the company’s portfolio and long-term growth prospects will be significantly enhanced following the transition of assets to regional operators and through the future deployment of proceeds received through these transactions,” said Shankh Mitra, Welltower’s CEO.
- ◦Sale

