Post-acute care provider Genesis HealthCare, based in Kennett Square, Pa, announces in a media release that it has divested of its 18 Vantage Park Assisted Living assets located in Kansas.
The proceeds from the sale were used to repay $54.2 million of Genesis’ existing real estate bridge loan with Welltower Inc. Leftover proceeds were used to repay other debts, according to the release.
“Genesis acquired the Vintage Park Assisted Living assets in conjunction with the February 2015 Skilled Healthcare transaction,” states Genesis CEO George V. Hager, Jr, in the release. “Assisted living has never been our core competency, and we believe we can better allocate the capital by delivering our balance sheet.”
The 18 Vintage Park Assisted Living assets have 807 beds and employ approximately 372 full and part-time employees. Aggregate revenue and EBITDAR totaled approximately $22.7 million and $6.5 million, respectively, in 2014, the release explains.
For more information, visit Genesis HealthCare.
[Source(s): Genesis HealthCare, PR Newswire]