Skilled nursing facility operator Pacs Group has closed its deal to acquire the operations of eight facilities in Pennsylvania through subsidiaries.
Pacs Group subsidiaries will own the real estate of four of the facilities, with the remaining four leased from real estate investment trust CareTrust REIT. The deal involves nearly 1,200 skilled nursing beds, according to a Monday news release.
Related: CareTrust REIT buys 31 nursing homes in $500M deal
Names of the facilities — located in in Pittsburgh, Bedford, Bethel Park, Monroeville and McMurray — in the Pennsylvania deal were not disclosed. The deal represents Pacs Group's first foray into its 17th state, the news release said.
Pacs Group did not respond to a request for comment regarding the identities of the skilled nursing facilities, the financial specifics of the deal or the locations' operational history, among other details of the transaction.
CareTrust REIT said in its 2024 third-quarter earnings report that it had a "pending acquisition of four skilled nursing facilities in the Northeast for approximately $57 million ... with an estimated closing in November 2024." A spokesperson declined to provide further details.
Last week, CareTrust REIT alongside an unnamed joint venture partner signed a $500 million deal to purchase 31 skilled nursing facilities in Tennessee and Alabama. Some of these facilities will be operated by Pacs Group, with others operated by Ensign Group and Links Healthcare Group.
Pacs Group, which went public in April after raising $450 million, has been vocal about its efforts to avoid turning to private equity as it grows.
