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ORANGE COUNTY BRIEFLY

Nationwide Health Acquires Housing Assets

September 26, 1997|Dow Jones

NEWPORT BEACH — Nationwide Health Properties Inc. said Thursday that it acquired the retirement housing assets of Laureate Group for $96.3 million in cash, stock and debt assumption.

Nationwide, a real estate investment trust, said in a news release that the price included $26.1 million in cash, $39.7 million in long-term debt and 1,315,686 Nationwide common shares worth $30.5 million.

Nationwide said it will lease back the facilities to Laureate. The facilities consist of 550 skilled nursing beds and 950 independent and assisted-living units in the Milwaukee area and in Duluth, Minn.

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