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HealthLease Properties REIT to be acquired by Health Care REIT

Health Care REIT (HCN) is to acquire HealthLease Properties Real Estate Investment Trust at a purchase price of CAD14.20 per unit in cash.

Zeke Turner, chair and CEO of HealthLease and founder and CEO of Mainstreet Property Group, says: “We sponsored HealthLease with the goal of delivering great value to unitholders by building a portfolio of best-in-class properties. It is very gratifying to enter into this transaction, which will yield a total return to investors who have held units since the IPO of approximately 27 per cent per annum."
 
Neil Labatte, chair of HealthLease's investment committee of independent trustees, says: “The transaction offers HealthLease unitholders a significant premium.  This can largely be attributed to the high quality portfolio of seniors housing and post-acute healthcare properties leased to a diversified mix of quality operating tenants that HealthLease has assembled since completing its initial public offering in June 2012." 

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