Chiron Real Estate Sells Seven Rehab Facilities for $217M
Chiron Real Estate has completed a sale of seven inpatient rehabilitation facilities to a joint venture between the Company and a U.S. public pension fund advised by a global real estate investment management firm. The initial portfolio of IRFs was valued at an aggregate $217M. The transaction was structured through a JV in which an investor acquired an 85% equity interest. Chiron retained a 15% equity stake and is the manager of the JV, continuing to oversee asset management in exchange for a management fee. The assets sold to the joint venture comprise an aggregate 456,000 square feet and are 100% leased with a weighted average remaining lease term of eight years. The Company intends to utilize proceeds from this transaction to fund its pipeline of higher return on capital investments, which includes the previously announced acquisition of the Pinnacle North Bethesda for a purchase price of approximately $176M. The closing of the Pinnacle is expected to occur on or before October 2026, subject to customary closing conditions and purchase price adjustments. The Pinnacle is a 282,000 square foot, 175-home luxury seniors housing community with ground floor retail. Located in North Bethesda adjacent to Pike & Rose and within the new Pike District, the Pinnacle offers independent living, assisted living, and memory care.
