Green Courte Partners has completed its bid to acquire Florida-based senior housing REIT American Land Lease after 93 percent of its stock was tendered.
The Chicago-based private equity real estate firm agreed in December to buy the struggling investment trust in a deal valued at $438 million.
Green Courte was looking to achieve a minimum tender of 88 percent of American Land’s common stock, but achieved just 85.5 percent on the first try. Green Courte extended the tender offer deadline twice in a bid to secure the deal.
Today Green Courte said in a statement 93 percent of the REIT’s shares had been tendered successfully and as a result the “minimum condition of the tender offer was satisfied”.
Green Courte Partners will merge with the REIT in a move that will double the size of its property portfolio. Green Courte targets retirement communities, retail and mixed-use properties and parking assets, while American Land Lease owns, develops and manages more than 10,000 senior housing properties in 30 locations in Florida, Arizona and Alabama.
Terry Considine, American Land chairman and chief executive officer, said last December, the decision to sell the REIT to Green Courte had been taken after a “thorough year-long review of strategic alternatives”.