Care Investment Trust Inc., New York, has sold its interest in a medical office portfolio in order to concentrate on the senior living sector.
Cambridge Holdings Inc., which had been the primary owner of the medical office portfolio, exercised its option to purchase Care's preferred investment in the properties for $42 million. In return, 200,000 operating partnership units and a warrant to purchase 300,000 shares of Care's common stock have been cancelled.
Salvatore Riso Jr., Care's president and chief executive, said, "The sale of our investment in the Cambridge Portfolio back to Cambridge is an important strategic step in our emerging focus on the senior living sector. We are currently exploring opportunities to deploy the proceeds in accordance with our strategic objective of acquiring high-quality senior housing facilities operated and managed by best-in-class operators."
Following the completion of the sale, Care had approximately $52 million in cash and cash equivalents.
