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July 27, 2007
Forest City in $607 mln sale of retirement homes
Reuters
By Jonathan Stempel
Forest City Enterprises Inc (FCEa.N: Quote, Profile , Research) (FCEb.N: Quote, Profile , Research), a real estate owner and developer, said on Thursday it has reached an agreement with Atria Senior Living Group for the sale of 12 assisted-living properties in a transaction valued at $607 million.
Eleven properties use the Sterling Glen brand name and are located mainly in the New York City area. One property is in Florida. The transaction is expected to close within 30 days, and generate about $240 million of net cash proceeds over three years to be used in other businesses.
"Current valuations for this business have increased significantly, and we have chosen to take advantage of this extraordinary market to dispose of these properties at full stabilized value," Charles Ratner, Forest City's chief executive, said in a statement.
Posted by lumi at July 27, 2007 6:42 AM