Welltower® announced definitive agreements to sell and transition 147 skilled nursing facilities currently operated by ProMedica. As part of the agreement between Welltower and ProMedica, ProMedica will surrender its 15% interest in the skilled nursing assets currently held within the existing 85/15 Welltower/ProMedica joint venture and provide significant working capital support for the new operators to ensure a smooth transition of patient care and operations.
Welltower released ProMedica from its skilled nursing lease obligation for these considerations, which total nearly half a billion dollars. The private-pay assisted living and memory care assets in the ProMedica joint venture will continue to be operated by ProMedica under a lease backed by the existing guaranty. Concurrently, Welltower entered into a definitive agreement to sell the 147 skilled nursing facilities to an 85/15 joint venture between Welltower and Integra Health.
