(ORLANDO, FL) October 28, 2013 - Sentio Healthcare Properties, Inc., ("Sentio" or the "REIT"), a real estate investment trust focused on healthcare-related real estate, announced today the acquisition of Woodbury Mews ("Woodbury") from a joint venture controlled by certain affiliates of Capital Health Group and Westport Capital Partners LLC. Woodbury is a senior living community located in Woodbury, N.J., a suburb of Philadelphia, Pa., consisting of two buildings, which are comprised of 129-independent living, 57-assisted living, and 41-memory care units. Additionally, as a part of the acquisition, Sentio acquired four undeveloped parcels of land adjacent to the property. Addit, a national seniors' housing and skilled nursing operator managing over 60 assets across the U.S., will manage the property.
This transaction marks the initial deployment of Sentio's investment agreement with an affiliate of leading global investment firm Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates "KKR"). As a part of the agreement, KKR committed to provide an initial $150 million of convertible preferred equity to Sentio over a two to three year period.
John Mark Ramsey, President and CEO of Sentio, described the transaction this way, "We are pleased to add the Woodbury campus to our portfolio and believe this facility brings an added dimension and diversification to the REIT. Additionally, this transaction represents a new relationship for us with Addit. Their national platform and proven commitment to care matches with our strategic goals for growing the REIT."
Jerry Kemper, CEO of Addit, had this to say about Sentio's purchase of Woodbury Mews, "Our team shares a real like-mindedness with Sentio, and we appreciate their understanding and focus on operations. Their approach to health care real estate is refreshing, and we believe our shared commitment to care will allow us to continue doing what we do best – providing consistent, quality care for our residents and running a highly efficient operation."
About Sentio Healthcare Properties, Inc.
Sentio Healthcare Properties, Inc. is a public, non-listed, real estate investment trust, which invests exclusively in healthcare-related real estate, and is committed to delivering strong and reliable returns to investors. The Company features a diversified portfolio of senior housing and medical properties throughout the United States. Their portfolio offers diversity in many areas including asset type, geographic location, operators and payor mix. The REIT is led by a team of healthcare real estate industry veterans at Sentio Investments, LLC, the REIT's advisor. Their core objective is to tailor a capital structure that complements the operating platform of developers and owner/operators, recognizing that each is unique in its approach and service to the healthcare industry.
Forward-Looking Statements and Securities Act Legends
Certain statements in this release containing the words "believes," "expects," and similar words, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from results expressed or implied by forward-looking statements. Such factors include, among others: economic and business conditions, nationally and in regions in which Sentio will operate, relating to healthcare-related real estate; the availability of suitable investments at the relevant time; and whether all conditions to any drawdown of the committed funding can be satisfied at the relevant time. Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. Sentio disclaims any obligation to update any of the forward-looking statements contained herein to reflect future events or developments.
The securities referenced in this release have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release is not an offer to sell, or a solicitation of an offer to buy, any security.