Welltower To Acquire Vintage Senior Living For $1.15 Bln

(RTTNews) - Welltower Inc. (HCN) Tuesday announced a definitive agreement to acquire a portfolio of properties operated by Vintage Senior Living for a purchase price of $1.15 billion.

Tom DeRosa, chief executive officer of Welltower said, "We have a unique platform for delivering operational improvements and driving value for our shareholders. Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation."

The transaction comprises 19 properties offering a combination of independent living, assisted living and memory care communities in premium locations concentrated in Southern and Northern California, including the Los Angeles and San Francisco metro markets, and in the state of Washington.

The transaction is expected to close in tranches beginning in September 2016, and will be subject to lenders' approvals and customary regulatory approvals.