In a merger that brings together two Florida real estate investment firms, Boca Raton-based Kayne Anderson Real Estate Advisors said Thursday that has agreed to acquire Sentio Healthcare Properties.
The all-cash deal has an estimated total asset value of $825 million.
Kayne Anderson, the real estate private equity arm of Kayne Anderson Capital Advisors, invests in off-campus student housing, senior housing and medical office buildings. Publicly-traded real estate investment trust Sentio, based in Orlando, has a portfolio of 34 properties including senior housing communities and medical office buildings in 16 states across the country.
Under the terms of the agreement, Sentio stockholders will receive between $14.37 to $15.22 per share in cash, depending on certain conditions, according to a release. The deal is subject to Sentio shareholders’ approval and is expected to close in the third quarter.
Miami-based Greenberg Traurig acted as real estate legal advisor in the deal. — Ina Cordle