Wellesley, Mass.-based Benchmark Assisted Living, which runs 43 assisted living facilities throughout New England, including in Avon, South Windsor, and Rocky Hill, recently partnered with Australian-based investors The GPT Group.
The GPT acquired a 95 percent interest in 19 of Benchmark’s assisted living facilities for $428 million. The remaining 5 percent will be owned by Benchmark, which will continue to manage the portfolio under a property management agreement.
GPT will also acquire a 20 percent interest in the manager of the assets of Benchmark for $3.5 million.
“This is an excellent opportunity, representing a key element of the business’ evolution. This acquisition not only gives us access to stable income flows through traditional property ownership but access to management fee income and future opportunities in a sector which is forecast to achieve strong growth in line with an aging and affluent population,” said GPT CEO Nic Lyons.
