Kayne Anderson Real Estate Advisors is to pay KKR $825m (€753m) for Sentio Healthcare Properties.
Kayne Anderson, the real estate private equity arm of LA-based Kayne Anderson Capital Advisors, will become the new owner of the US non-listed real estate investment trust (REIT) in the third quarter of this year.
Sentio Healthcare Properties holds a portfolio of 34 properties including senior housing communities and medical office buildings in 16 states across the US.
“The addition of the high-quality Sentio assets further solidifies Kayne Anderson’s position as one of the largest owners of healthcare real estate with a strong composition of premier assets,” said David Selznick, chief investment officer at Kayne Anderson.
Selznick said there is opportunity to create value through property renovations and facility expansions.
KKR member Billy Butcher said Sentio had tripled in size since its 2013 commitment.