Modern Healthcare May 25, 2019
It’s been less than a year since ProMedica closed a $1.4 billion deal to buy post-acute provider HCR ManorCare. The acquisition resulted in the 15th-largest not-for-profit health system by revenue. Part of the transaction involves real estate investment trust Welltower’s agreement to buy HCR’s landlord, fellow REIT Quality Care Properties, in a cash deal priced at $20.75 per share, or roughly $2 billion. Welltower and ProMedica also formed a joint venture for QCP’s real estate in which Welltower will own 80% and ProMedica will own 20%. For HCR, the deal brought much needed capital. For Toledo, Ohio-based ProMedica, the deal allows the system to expand population health-driven senior healthcare. ProMedica CEO Randy Oostra recently talked with Modern Healthcare’s editorial board...
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