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NorthStar Realty Finance Corp to acquire Griffin-American Healthcare REIT II in $4 bln transaction


Tuesday, 5 Aug 2014 08:00am EDT 

NorthStar Realty Finance Corp and Griffin-American Healthcare REIT II Inc:Directors of both companies have unanimously approved definitive merger agreement under which NorthStar Realty will acquire all of outstanding shares of Griffin-American.Acquires in stock and cash transaction valued at $4 bln, including about $600 mln of debt, establishing NorthStar Realty as leading investor in the healthcare real estate sector.NorthStar Realty is acquiring portfolio, which is comprised of predominantly medical office buildings (43 pct) and senior housing facilities (30 pct) in US and UK.Acquisition increases scale and diversification of NorthStar Realty's assets and increases owned real estate to about 75 pct of pro forma company.Transaction creates best in class healthcare portfolio diversified by geography, asset class, tenant/operator and operating model, with a weighted average lease term of 9.1 years. 

Company Quote

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13 May 2015