Sentio Healthcare Properties Inc., a publicly registered non-traded real estate investment trust, completed the merger with an affiliate of Kayne Anderson Real Estate Advisors.
Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors L.P., acquired 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 shareholders are set to receive $14.65 per share.
In connection with the merger completion, Sentio directors John Ramsey, Steven Pearson, James Skorheim, Barry Chase, Romeo Cefalo, Ronald Shuck, Billy Butcher, and Peter Sundheim, tendered their respective resignations.
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.