Crown Senior Care Portfolio

Category: Senior Housing

Crown Senior Care Portfolio is comprised of six care homes located within the United Kingdom countries of England and Scotland, as well as Isle of Man, a self-governing British Crown dependency in the Irish Sea. The portfolio consists of 317 beds, with an average occupancy of approximately 91 percent. Griffin-American Healthcare REIT III is acquiring the portfolio in multiple tranches, completing the acquisition of one of the care homes, representing 66 beds, during the third quarter of 2015. The REIT also provided a collateralized debt instrument secured by two of the care homes and the income from their operations. We anticipate acquiring the two care homes outright in the future. The portfolio is being purchased from five sellers and subsequently leased to and operated by Caring Homes Group under a 35-year absolute net lease. The lease will be cross-defaulted and cross-collateralized among all of the care homes and will be guaranteed by the parent company of Caring Homes Group.