LOS ANGELES – Griffin-American Healthcare REIT II has completed its $4-billion merger with NorthStar Realty Finance. Griffin-American Healthcare REIT II is co-sponsored by American Healthcare Investors and Griffin Capital Corporation.
Per the merger agreement, NorthStar Realty has acquired all of the outstanding shares of Griffin-American in this stock and cash transaction. Griffin-American stockholders will receive an allocation of two-thirds cash and one-third common stock of NorthStar Realty from the merger’s proceeds.
The Griffin-American Healthcare REIT II portfolio contains 289 buildings throughout 32 states and the United Kingdom. The properties are a mix of medical office buildings, hospitals, and senior housing and skilled nursing facilities.
The portfolio was about 95 percent leased at the end of September, according to Griffin Capital. The tenants carried a weighted average remaining lease term of 9.2 years.
New York-based NorthStar Realty Finance Corp. is a diversified commercial real estate company organized as a REIT. It is managed by an affiliate of NorthStar Asset Management Group Inc.
Los Angeles-based Griffin Capital Corporation is a privately owned real estate company. Griffin Capital and its affiliates have acquired or constructed about 32 million square feet since 1995.
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate, including medical office buildings, skilled nursing facilities, hospitals and assisted living facilities.