Sentio Non-Traded REIT Declares Cash Consideration Ahead of Merger Vote
Sentio Healthcare Properties Inc., a publicly registered non-traded real estate investment trust, disclosed the cash consideration to be paid to stockholders if they approve the proposed merger with an affiliate of Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors L.P.
According to a filing with the Securities and Exchange Commission, Sentio stockholders will vote at the company’s August 10th special meeting of stockholders and will receive $14.65 per share if the merger is approved. The meeting is scheduled at 10:00 a.m. at the Sentio’s corporate office in Orange, Florida.
As previously reported by The DI Wire, Kayne Anderson Advisors will acquire all of the outstanding shares of Sentio in an all-cash transaction valued at $825 million.
Sentio shares were originally sold for $10.00 each, and the company has an estimated net asset value per share of $12.45, as of December 31, 2015.
If the merger transaction is approved, it is expected to close in the third quarter of 2017.
Sentio Healthcare Properties invests in healthcare-related real estate. The offering was declared effective in June 2008 and closed in April 2011 after raising $132 million in investor equity, according to Summit Investment Research. The company owns 35 properties with a combined purchase price of $537 million.
Kayne Anderson Real Estate Advisors is a real estate private equity investor in off-campus student housing, senior housing and medical office buildings. The company is part of Kayne Anderson Capital Advisors, a $26 billion alternative investment management firm.