Genesis HealthCare (Kennett Square, Pa.), a provider of post-acute care, has signed an agreement with Revera Inc. (Mississauga, Ont., Canada) to acquire 24 of its skilled nursing communities along with its contract rehabilitation business. The sale is valued at $240 million and is expected to close by the end of the year.
Under the agreement, Genesis will acquire the real estate of 20 of the 24 locations and will enter into a long-term lease agreement with Health Care REIT, Inc. for the remaining properties. The 24 centers are located in New Jersey (8), Vermont (5), Washington (3), Connecticut (2), Massachusetts (2), and Maryland (1), Virginia (1), New Hampshire (1), and Rhode Island (1).
Genesis will also acquire the operations of Premier Therapy, Revera’s contract rehabilitation business.
