CareTrust REIT Inc. today announced plans to acquire Care REIT in the United Kingdom for $817 million.
The San Clemente-based real estate investor in healthcare facilities said it reached an agreement with Care REIT’s board of directors on the terms of the recommended cash offer.
“We have been following the UK for some time looking for the right entry point,” CareTrust Chief Executive and President Dave Sedgwick said in a statement.
The transaction is expected to close in the second quarter of this year.
Shares in CareTrust (Nasdaq: CTRE) remained unchanged at $25.83 and a market cap of $4.8 billion following the morning announcement.
For more information, see the Business Journal’s March 17 issue.
