BOCA RATON, Fla. and
ORLANDO, Fla., Sept. 21, 2017 /PRNewswire/ -- Kayne
Anderson Real Estate Advisors ("KAREA"), the real estate private
equity arm of Kayne Anderson Capital Advisors, L.P., KKR , Sentio
Healthcare Properties, Inc. ("SHP" or the "REIT") and Sentio
Investments, LLC ("Sentio Investments"), today announced that KAREA
has successfully completed its acquisition of SHP. Effective
August 31, 2017, KAREA owns and
operates the SHP portfolio of 33 properties including senior
housing communities and medical office buildings in 16 states
across the U.S.
"This transaction brings 33 high quality assets to our senior
housing and medical office portfolios. We are excited for the
opportunity to create additional value through property
renovations, facility expansions and other operational
enhancements," said David Selznick, Chief Investment Officer of
KAREA. "We believe the addition of SHP's best-in-class assets
further solidifies KAREA's position as an industry leader in the
healthcare real estate space and that this transaction positions us
to continue to generate strong returns for our
investors."
"It has always been and will continue to be our priority to
provide the highest quality service to our residents and
partners. This has resulted in very attractive investment
results for the SHP shareholders, which we expect to continue to
deliver for future investors with Sentio Investments," said
John Mark Ramsey, CEO of the REIT
and Managing Member of Sentio Investments. "We are confident that
KAREA will continue to provide industry leading service and care in
the communities."
"Thanks to the impressive work of John
Mark and the care provided by his team, Sentio Investments
has delivered outsized shareholder returns and tripled in size over
the past four years," said Billy
Butcher, Member of KKR. "We are confident that Kayne Anderson will continue to operate these
assets successfully and bring exceptional care to the portfolio's
residents and tenants." KKR's investment in Sentio Healthcare
Properties was led through its Real Estate Partners Americas
Fund.
As previously announced, under the terms of the agreement
between KAREA and SHP, KAREA acquired all outstanding shares of
Sentio in an all-cash transaction based on an estimated total asset
value of $825 million. Sentio
stockholders received $14.65 per
share in cash and one contingent value right for each share of
common stock of Sentio held. The contingent value right represents
a proportionate interest in up to an additional $8.76 million, which could be released at the end
of three years, subject to reduction as a result of certain
indemnification rights of KAREA under the merger agreement. Should
the maximum amount of funds in the escrow be released to the
stockholders, the result would be up to an additional $0.29 per share in cash.
About Sentio Healthcare Properties, Inc.
Sentio
Healthcare Properties, Inc. was a public, non-listed, real estate
investment trust, which invested exclusively in healthcare-related
real estate, and delivered strong and reliable returns to
investors. The Company featured a diversified portfolio of senior
housing and medical properties throughout the United States. The Company's portfolio
offered diversity in many areas including asset type, geographic
location, operators and payor mix. The REIT was led by a team of
healthcare real estate industry veterans at Sentio Investments,
LLC, the REIT's advisor, with the core industry objective of
tailoring a capital structure that complemented the operating
platform of developers and owner/operators, recognizing that each
is unique in its approach and service to the healthcare
industry.
About Sentio Investments, LLC
Sentio Investments, LLC
focuses on impact investments exclusively in healthcare real
estate, with an emphasis on private pay senior housing, medical
offices, and post-acute properties. Sentio Investments, based in
Orlando, Florida, provides
investors with turn-key solutions for deploying capital into the
healthcare real estate sector through an integrated approach to
deal origination, asset management, accounting, and investor
relations. The boutique firm, led by industry veterans, has over
$5 billion dollars in experience
acquiring and developing healthcare real estate across the country
over the past 14 years.
About Kayne Anderson Real Estate Advisors
Kayne
Anderson Real Estate Advisors (KAREA) is a leading real estate
private equity investor in off-campus student housing, senior
housing and medical office buildings. KAREA has raised dedicated
real estate private equity funds totaling approximately
$5 billion in commitments. KAREA is
part of Kayne Anderson Capital Advisors, L.P., a $26 billion alternative investment management
firm (AUM as of 3/31/17) with more than 30 years of successful
experience in the energy, infrastructure, growth capital, real
estate, middle market credit and distressed municipal sectors. For
more information, visit
http://www.kaynecapital.com/strategies/real-estate-private-equity.
About KKR
KKR is a leading global investment firm
that manages multiple alternative asset classes, including private
equity, energy, infrastructure, real estate, credit and, through
its strategic partners, hedge funds. KKR aims to generate
attractive investment returns by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside its partners' capital and
provides financing solutions and investment opportunities through
its capital markets business. References to KKR's investments
may include the activities of its sponsored funds. For additional
information about KKR & Co. L.P. (NYSE: KKR), please visit
KKR's website at www.kkr.com and on Twitter @KKR_Co.
Contacts
For Kayne Anderson Real Estate Advisors:
Jonathan Keehner / Julie
Oakes
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
For Sentio:
Spencer
Smith
Sentio Investments, LLC
407-999-7679
For KKR:
Kristi Huller or Cara Kleiman
212-750-8300
media@kkr.com
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SOURCE Kayne Anderson Real Estate Advisors