Griffin-American buys UK portfolio for US $447.8 million

By IVCPOST Staff Reporter

Jul 11, 2013 09:52 AM EDT

Real estate investment trust, Griffin-American Healthcare REIT II, purchased a senior housing portfolio from Myriad Healthcare Ltd for US $447.8 million (GBP 298.5 million). The deal is Griffin-American's first venture outside of the United States.

The portfolio, which includes 44 properties located in Scotland, England and the island of New Jersey, would be leased back to Myriad under a 35-year contract according to a Bloomberg report.

Jeff Hanson, Griffin-American's Chairman and Chief Executive Officer, said that the company "will add a significant international presence to an already extensive national footprint, creating one of the largest and best-diversified health-care-focused REITs in the world,"

The company, which owns hospitals, medical office buildings and senior homes, has 174 properties across 28 states.

Griffin-American further stated that they will pay for the acquisition with borrowings from a credit line from Bank of America Corp and cash on hand. It is expected that the deal is completed by this quarter.

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