HRPT Properties Trust (NYSE: HRP) recently announced that it has entered into a series of agreements to sell 48 medical office, clinic and biotech laboratory buildings (2.2 million sq. ft.) for $565 million. The purchaser of these properties is Senior Housing Properties Trust (NYSE: SNH). SNH will pay an aggregate of approximately $554 million in cash at the closings and assume three mortgages on two properties which total approximately $11 million. The sales are scheduled to close in phases throughout the next 12 months. SNH was formerly a 100% owned subsidiary of HRP which was spun off to HRP shareholders in 1999. At the time of this spin off, HRP and SNH entered an agreement which prohibited SNH from purchasing medical office, clinic and biotech laboratory buildings. One of the agreements announced today amends that 1999 agreement to permit SNH, rather than HRP, to invest in these types of properties going forward.
For more information on the sale, click here.