60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market
We’re not sure we have ever seen a month like this when it seemed that institutional buyers were racing to see who could announce the biggest deal. First was Welltower’s acquisition of 22 Pathway to Living communities, then came Harrison Street’s $1.2 billion purchase of 24 Oakmont communities, then Atria Senior Living acquired Holiday Retirement and Welltower jumped back in again, acquiring Holiday’s owned portfolio of 86 properties. Next, we had the Griffin American REITs 3 and 4 merging, and finally, at least of this filming, Ventas will pay $2.3 billion to purchase New Senior Investment Group. It has been a dizzying display of strength from these institutional buyers, and we are... Read More »
Ventas Buys New Senior Investment Group
Don’t you just love it when a plan comes together? Just when Welltower announced a deal to buy Holiday Retirement Corporation’s 86 owned assets, and Atria Senior Living agreed to buy Holiday itself, Ventas steps in and buys New Senior Investment Group. New Senior owns 77 Holiday-managed communities, 21 communities that have recently been switched from Holiday management to Atria, 15 other communities managed three other providers, and one large community triple-net leased to Watermark Retirement Communities. At the end of the first quarter, just four communities were managed by other companies, so things must have moved during the second quarter. Jay... Read More »
60 Seconds with Ben Swett: M&A Hits a High in 2021
When it rains, it pours in senior care M&A. First, we noticed a significant uptick in deal activity this month, with over 30 transactions announced since June 1st. Not December’s level of activity, but we’ll take it. Then, Harrison Street announced the largest purchase in the industry in two years, spending $1.2 billion on 24 Oakmont communities. But yesterday, when we were still digesting the sale of former SNF giant Kindred Healthcare to LifePoint, Welltower made the biggest splash of all, buying Holiday Retirement’s owned portfolio of 86 independent living properties for $1.58 billion. Not only that, but Atria Senior Living will acquire the operating business of Holiday for an... Read More »
Dissecting the Holiday Retirement Deal
Welltower announced the acquisition of Holiday Retirement’s owned portfolio of 86 independent living communities for $1.58 billion, or just about $152,000 per unit. Simultaneously, Atria Senior Living said that it was acquiring Holiday’s operating business for an undisclosed price. Either of these announcements would normally be major news, but they also come on the heels of Harrison Street’s $1.2 billion purchase of 24 properties operated by Oakmont Senior Living and a very busy June (so far) with more than 30 individual transactions already made public. Perhaps the tide has turned for investment activity in seniors housing and care. The Welltower deal also represents yet another... Read More »Schedule a demo
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