Brookdale completes Horizon Bay acquisition
Horizon Bay is the ninth largest operator of U.S. senior living communities, with a portfolio of 91 communities containing more than 16,400 units.
Brookdale has said it expects to invest about $47 million in the first year of operation with Horizon Bay’s portfolio, including acquisition costs, integration costs and transaction expenses.
As part of the sale, Brookdale also entered into an agreement with Chartwell Seniors Housing Real Estate Investment Trust relating to 45 communities managed by Horizon Bay. As part of the restructuring of the management agreements, Chartwell granted Brookdale an option through 2013 to acquire a 20 percent interest in Chartwell’s U.S. real estate assets managed by Brookdale. Brookdale also will have a right of first offer to acquire any of Chartwell’s assets managed by Brookdale.