Griffin-American REITs to Merge, Largest-Ever Health Care REIT IPO Could Follow
June 24, 2021 | Tim Mullaney | Senior Housing News
If all goes according to plan, the largest-ever public offering for a health care real estate investment trust (REIT) could occur next year — involving a company that owns more than 11,500 senior housing beds.
Two non-traded REITs — Griffin-American Health Care REIT III (GAHR III) and Griffin-American Health Care REIT IV (GAHR IV) — intend to merge in a stock-for-stock transaction, the companies announced Thursday. The REITs’ co-sponsor, American Healthcare Investors, also would be brought into the combined company through a separate transaction with GAHR III.
The combination represents a total gross investment value of $4.2 billion, as well as the assumption of $1.8 billion in GAHR III debt.
