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December 17, 2014

Global Healthcare REIT to acquire four facilities in Texas, US

Global Healthcare REIT has entered into purchase and sale agreements to acquire four healthcare facilities in Texas, US, for $27m.

Global Healthcare REIT has entered purchase and sale agreements to acquire four healthcare facilities in Texas, US, for $27m.

Located in Longview, El Paso, Corpus Christi and Grand Prairie, the four facilities include a total of 615 beds.

Global Healthcare REIT president Christopher Brogdon said: "Our expansion continues with our commitment to purchase these four additional healthcare properties.

"We are making steady progress against our stated goal to double our portfolio of properties in the next year."

"After completion of these purchases, the firm’s interest in healthcare facilities will increase from 11 to 15 properties."

Subject to customary conditions, three transactions are expected to be completed in January, while the fourth one situated in El Paso will close upon approval of the firm’s assumption of an existing Housing and Urban Development (HUD) mortgage for the facility.

After completion of these purchases, the firm’s interest in healthcare facilities will increase from 11 to 15 properties.

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Global Healthcare recently completed a reverse acquisition with Global Casinos to acquire real estate properties primarily engaged in the healthcare industry, including skilled nursing homes, medical offices, hospitals and emergency care facilities.

The company noted it will not operate healthcare facilities and will lease its properties under long-term operating leases, as a real estate investment trust (REIT).

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