Kayne Anderson Capital Advisors LP‘s real estate private equity arm said on Thursday it would buy healthcare real estate investment trust Sentio Healthcare Properties Inc (SNTH.PK) in an $825 million deal.
Sentio Healthcare, backed by U.S. buyout firm KKR & Co LLP (KKR.N), owns a portfolio of 34 properties, including senior housing communities and medical office buildings, in 16 U.S. states.
Kayne Anderson Real Estate Advisors said Sentio shareholders will receive a minimum of $14.37 per share in cash, plus an additional 55 cents per share and one contingent value right for each share of Sentio they hold.
The total cash payment to Sentio stockholders is between $14.37 and $15.21 per share, subject to the terms of the merger agreement, Kayne Anderson Real Estate Advisors said.
The deal is expected to close in the third quarter of 2017.