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The Real Deal Miami

Kayne Anderson to buy Sentio Healthcare Properties

All cash deal has an estimated asset value of $825M
May 04, 2017 06:00PM

Richard Kayne

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