Sentio REIT Shareholders Approve Merger With Private Equity Firm
Shareholders of Sentio Healthcare Properties Inc., a publicly registered non-traded real estate investment trust, overwhelmingly approved the proposed merger with an affiliate of Kayne Anderson Real Estate Advisors at the special meeting of stockholders held yesterday.
The company received 19.5 million votes in favor of the merger, 41,000 votes against, and 63,000 abstentions. Shareholders will receive $14.65 per share at the close of the transaction, which is expected in the third quarter of 2017.
As previously reported by The DI Wire, Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors L.P., 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.
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.