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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Keppel acquires 50% stake in US elderly housing operator Watermark for US$77.3m

Watermark manages 52 senior housing committee in 21 US states.

Keppel Capital Senior Living LLC, a subsidiary of Keppel Corporation Limited, is acquiring a 50% stake in US senior housing operator, Watermark Retirement Communities for a purchase price of up to US$77.3m, according to a media statement. 

Also read: Keppel REIT Q2 net property income up 35.42% to $43.21m

Keppel will also acquire 50% of minority interest held by owners of Watermark in select retirement communities.

"Against the backdrop of fast ageing populations across many regions, demand is growing exponentially for senior care services and retirement communities,” Loh Chin Hua, CEO of Keppel Corporation said in a statement.

“This acquisition is a strategic move for Keppel to expand into this new growth sector, leveraging Watermark's deep expertise and agile business model.”

Also read: Can Keppel take the latest blow on its property segment?

The US elderly housing operator manages a total of 52 senior housing communities in 21 states across the US. Watermark provides independent living, assisted living, memory care and skilled nursing services.

Post-acquisition, Watermark's existing senior management team will continue to be responsible for the day-to-day operations of the company. Completion of the acquisition is expected to take place in three tranches, with the first completion expected to take place by April 2019.

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