New Senior To Buy $640 Mln Of Senior Housing Assets

(RTTNews) - New Senior Investment Group Inc. (SNR) Monday said it agreed to buy a 28-property portfolio of independent living senior housing properties from affiliates of Holiday Retirement for about $640 million.

The company expects to fund the acquisition through about $190 million of equity and about $450 million through debt. The deal is expected to close by the third quarter.

The portfolio contains 3,298 independent living units located across 21 states and had an average occupancy rate of 88% as of May 2015.

"We are excited to add 28 independent living properties to our portfolio through this accretive acquisition. This transaction further increases our industry-leading private pay senior housing NOI exposure to 91% of our portfolio," New Senior Chief Executive Officer Susan Givens said.

Upon closing of the acquisition, the company's portfolio will include 152 properties with approximately 18,900 beds across 37 states.