Toledo, Ohio-based ProMedica announced its acquisition of Quality Care Properties and its principal tenants, HCR ManorCare and Arden Courts. The $4.4 billion transaction was possible thanks to a joint venture with Welltower, an in vestment first focused on healthcare-related real estate.
"Together with ProMedica, one of the largest and most innovative health systems in the U.S., this acquisition of HCR ManorCare provides us the platform to think differently about where healthcare services are delivered, particularly with respect to the aging of the population," said Tom DeRosa, Chief Executive Officer of Welltower. "The close of this transformative joint venture further validates our health system strategy through which we leverage high-quality real estate to optimize care delivery at lower cost sites of care while remaining focused on improved outcomes."
The new partnership, estimated at $7 billion, includes 70,000 employees in 30 states. ProMedica has also announced plans to invest $400 million in the next five years.
“This partnership is groundbreaking. Together, we will redefine health care and its role in healthy aging,” said Randy Oostra, president and CEO at ProMedica. “We are focused on tearing down the walls between care delivery channels to provide simpler navigation across the care continuum, along with greater value. Further, we see a tremendous opportunity to engage ProMedica’s nationally-recognized, social determinants of health work to benefit seniors across the communities we serve.”
Nicholas joined TriMed in 2016 as the managing editor of the Chicago office. After receiving his master’s from Roosevelt University, he worked in various writing/editing roles for magazines ranging in topic from billiards to metallurgy. Currently on Chicago’s north side, Nicholas keeps busy by running, reading and talking to his two cats.