Griffin-American Healthcare REIT II, Inc. (Newport Beach, Calif.), a real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Corporation, has acquired a 44-facility portfolio of premium senior housing and care facilities from Myriad Healthcare Limited (Highwoods Ward, U.K.) for approximately $472.2 million.
The majority of the UK Senior Housing Portfolio is concentrated in England's South East region, with additional locations near Birmingham, Bristol and Oxford. The Scottish component of the portfolio comprises six facilities, while two facilities are located in Jersey.
Under the terms of the transaction agreements, the UK portfolio is leased to Myriad Healthcare Limited, operating as Caring Homes, under 35-year absolute net leases with annual rent escalations. The REIT will also provide construction financing for new senior housing developments that it will acquire upon the facilities reaching minimum required occupancy, imputed rent coverage ratios, and satisfactory due diligence.
Founded in 1994, Myriad Healthcare is one of the largest operators of senior residential care homes in the U.K., with 136 care homes and 3,382 beds in elderly care and specialist learning disability care.
