Summary: The law firm of Sidley Austin has joined the representation group for Health Care REIT, Inc. in its purchase of HealthLease Properties Real Estate Investment Trust and agreement with Mainstreet Property Group.
It was announced this week that Health Care REIT, Inc. (HCN) has entered into an agreement to acquire HealthLease Properties Real Estate Investment Trust for $950 million, according to a press release from the law firm of Sidley Austin.
In addition to HealthLease, HCN has agreed to a partnership with Mainstreet Property Group. This group is the external managing company of HealthLease. When closing occurs with HCN, outstanding agreements between HealthLease and Mainstreet will be dropped. No employees from either company will be absorbed by HCN.
Chief Executive Officer of HCN, Tom DeRosa, said the following in the release: “This transaction again demonstrates HCN’s integral role in the health care delivery continuum. With Mainstreet, HCN is developing the next generation of post-acute care. Further, we are connecting leading health systems, post-acute providers and seniors housing operators to deliver integrated health care delivery platforms that will improve the quality of care, create operating efficiencies and reduce costs.”
The CEO of Mainstreet, Zeke Turner, said the following: “Our vision is to change the way that rehabilitative care is provided. We’re designing environments that meet the needs of today’s health care consumers, who are more empowered than ever. We’re delighted to be partnering with a company like HCN, whose strategy is so well-aligned with our goals. This transaction positions Mainstreet with a capital partner that can help us execute on our vision of transforming the seniors housing and post-acute industries.”
Sidley Austin is representing HCN in the purchase of HealthLease and the agreement with mainstreet. The attorneys from the firm working on the case include the following:
- Matthew G. McQueen – Partner / Corporate, Chicago (Lead)
- David J. Zampa – Partner / Corporate, Chicago (Lead)
- Paul D. Monson – Partner / Real Estate, Chicago (Lead Real Estate Attorney)
- Anthony J. Aiello – Partner / Real Estate, Chicago
- Brendan M. Bowes – Associate / Corporate, Chicago
- Matthew D. Stoker – Associate / Corporate, Chicago
- Molly C. Novy – Associate / Real Estate, Chicago
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