Dana Point-based CareTrust REIT Inc. has entered an agreement with LNT Care Developments Holdings Limited, a United Kingdom-based care home developer and operator, to acquire 45 new care homes for £1.1 billion, or approximately $1.4 billion.
The first set of 24 homes closed on Oct. 1 with the remaining 21 homes are currently under development.
“The LNT transaction and the other investments we have closed bring CareTrust’s investment total in the third quarter and since to approximately $1.6 billion and its year-to-date investment total to a record $2.7 billion across all three of our growth engines,” Chief Executive Dave Sedgwick said in a statement.
CareTrust (NYSE: CTRE) rose 1.2% to $36.32 per share with a $8.6 billion market cap.
