Chiron Real Estate Inc. Accelerates Portfolio Transition via Recapitalization of IRF Assets
–Transaction Targets Arbitrage Between Public and Private Market Valuations–
–Unlocks Proceeds to be Reinvested at Higher Returns on Capital–
Chiron Real Estate Inc. (NYSE: XRN) (the “Company” or “Chiron”), announced today that it has completed a sale of seven inpatient rehabilitation facilities (“IRFs”) to a joint venture (the “JV”) between the Company and a U.S. public pension fund advised by a global real estate investment management firm.
The initial portfolio of IRFs was valued at an aggregate $217 million. The transaction was structured through a JV in which an investor acquired an 85% equity interest. Chiron retained a 15% equity stake and is the manager of the JV, continuing to oversee asset management in exchange for a management fee.
