Acquisitions

REDWOOD CITY, CALIF. — Verity Health System has completed the sale of its six-property hospital portfolio as part of the company’s Chapter 11 bankruptcy procedures. The Redwood City-based nonprofit healthcare company filed for bankruptcy protection in summer 2018 and subsequently worked to sell off its portfolio of assets, which included six medical centers offering 1,650 inpatient beds, six active emergency rooms, a trauma center and a host of spaces centered on medical specialties including tertiary and quaternary care. Most recently, Verity Health completed the sale of St. Francis Medical Center, a 384-bed hospital in the Los Angeles County suburb of Lynwood, for $350 million to Prime Healthcare. The provider also sold Seton Medical Center, a 357-bed hospital located in the San Francisco suburb of Daly City, and Seton Coastside, a 116-bed hospital located in Moss Beach, Calif., for $40 million to AHMC Healthcare. The agreement to sell St. Francis Medical Center was announced in April of this year. Also in April, Verity agreed to sell St. Vincent Medical Center, a 381-bed hospital located in Los Angeles, for $135 million to surgeon and medical researcher Dr. Patrick Soon-Shiong. Santa Clara County was the buyer in Verity’s first two asset sales — O’Connor Hospital and St. …