Indiana Nursing Facilities Acquired
The Brookville Healthcare Center in Franklin County is one of the facilities included in the deal.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTennessee-based MedEquities Realty Trust Inc. (NYSE: MRT) has acquired two Indiana skilled nursing facilities from Indianapolis-based Magnolia Health Systems. The $15 million deal, which covers the facilities in Franklin and Union counties, is expected to close within 30 days.
The transaction includes the more than 34,000 square-foot Brookville Healthcare Center, which is licensed for 100 beds. The Whitewater Commons Senior Living Center in Liberty is also included in the deal. The nearly 20,000 square-foot facility is licensed for 60 beds.
As part of the deal, MedEquities will lease the facilities back to Magnolia for 15 years.
"This transaction is consistent with our stated objective of aligning MedEquities with solid, experienced regional operators," said John McRoberts, chief executive officer of MedEquities. "Stuart Reed and Magnolia Health Systems meet that test. They are uniquely qualified to adapt and thrive in a rapidly changing healthcare environment, and these two facilities will be great additions to our growing, diversifying portfolio."
MedEquities did not specify if any jobs would be affected by the acquisition. The company says the deal remains subject to customary closing conditions.