Omega Healthcare Investors (NYSE: OHI) real estate investment trust today closed a sale/leaseback deal with Ark Holding Company for 56 senior living communities valued at a total of $525 million.
Ark Holding was previously owned by Behrman Capital, a private equity firm, with the sale/leaseback transaction being completed in connection with the acquisition by merger of Ark Holding by 4 West Holdings.
Under the terms of the transaction, previously announced in September, Omega has acquired ownership of 55 skilled nursing facilities and one assisted living facility and is leasing them back to the prior operators.
The company’s portfolio now includes mortgages on 477 skilled nursing facilities, assisted living facilities and other specialty hospitals comprising more than 55,000 licensed beds in 33 states and operated by 48 third-party healthcare operating companies.
Behrman Capital established Memphis, Tenn.-based Ark Holdings in 2007 through its acquisition of Covenant Dove Holding Company, LLC for approximately $250 million.
Written by Elizabeth Ecker