Company Expands into Ohio with Latest Healthcare Acquisition
ATLANTA -- (Business Wire)
Global Healthcare REIT, Inc., a Utah corporation (OTC.QB: GBCS)
(“Global” or the “Company”) announced today that effective July 22,
2014, it has entered into a purchase agreement to acquire the Meadowview
Nursing Home, located in Seville, Ohio. The facility is licensed for 100
skilled nursing beds, is 27,500 square feet and located on 5 acres of
land. Seville, Ohio is located approximately 25 miles west of Akron,
Ohio and 40 miles south of Cleveland, Ohio in an area with attractive
population growth in the 65 to 74 year age bracket.
The purchase price for the facility is $3.0 million. Consummation of the
purchase agreement is subject to satisfactory completion of a 45 day
inspection period and other conditions customary in transaction of this
nature. It will also be necessary for Global to secure financing to
cover a portion of the purchase price. The Company has several financing
opportunities which it is considering, although there currently exist no
firm commitments. Closing is scheduled to occur on September 30, 2014.
Global intends to lease the facility to a previously identified
unaffiliated third-party operator. The Meadowview acquisition brings the
Company’s portfolio to five properties. The Company expects to acquire
several additional properties this quarter as well.
Christopher Brogdon, President of the Company, stated, “The forecasted
financial metrics on this facility are extremely favorable once we have
implemented our planned changes and upgrades. We continue to evaluate
properties opportunistically and hope to complete several additional
acquisitions currently in the pipeline.”
About Global Healthcare REIT, Inc.
Global Healthcare REIT recently completed a reverse acquisition with
Global Casinos, Inc. to acquire real estate properties primarily engaged
in the healthcare industry, including skilled nursing homes, medical
offices, hospitals and emergency care facilities. It intends to make a
tax election to take advantage of the tax incentives available to real
estate investment trusts, however it has not yet been determined for
which fiscal year that election will be made. As a REIT, the Company
will not operate its healthcare facilities but rather will lease its
properties under long term operating leases. It currently owns five
facilities and plans on acquiring more properties in the future.
Safe Harbor
This press release may contain projection and other forward-looking
statements. Any such statement reflects the company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur and actual results could
differ materially from those presented. A discussion of important
factors that could cause actual results to differ from those presented
is included in the Company’s periodic reports filed with the Securities
and Exchange Commission (at http://www.sec.gov).
Contacts:
Global Healthcare REIT, Inc.
Ryan Scates, 404-549-4293
Corporate
Secretary
Source: Global Healthcare REIT, Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.