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Griffin-American Healthcare REIT II Completes Successful Transition of Advisory and Dealer Manager Agreements
In the rapidly changing global economic scenario of today, financial enterprises have been entering new alliances and looking for appropriate strategic decisions that might enable them address the ever evolving challenges successfully.
Griffin-American Healthcare REIT II, Inc., a real estate investment trust that aims to provide investors with assured protection and return on their capital contributions, has announced that it has implemented the transition of its advisory and dealer manager agreements from Grubb & Ellis Company and its affiliates, which will now be co-sponsored by American Healthcare Investors and Griffin Capital Corporation.
Previously known as Grubb & Ellis Healthcare REIT II, the company also ensures its customers are paid regular cash distributions and the value of their investments grows consistently. At present, Griffin-American Healthcare REIT II claims assets over $438 million in value and aims for approximately $3.0 billion in equity.
The post-effective amendment has been announced by the U.S. Securities and Exchange Commission within its registration statement along with new prospectus effective on Jan. 6, 2012.
Griffin Capital Securities will now be the new dealer manager for the uninterrupted public offering by REIT, which had been offered a “no objections” letter by the Financial Industry Regulatory Authority on Dec. 30, 2011.
"We are very excited to serve as co-sponsor and dealer manager for Griffin-American Healthcare REIT II," commented Kevin Shields, chief executive officer of Griffin Capital Securities and Griffin Capital Corporation. "The institutional mindset and investor-first philosophy we share with American Healthcare Investors and the REIT's board of directors makes this an ideal partnership that I am confident will drive the performance of the REIT to even greater heights."
However, the executive management team and the board of directors of Griffin-American Healthcare REIT II will still remain unchanged with the existing executives continuing to hold their respective positions.
"We are genuinely humbled by the broad-based and resounding support we've received from our stockholders, independent broker-dealer partners and their registered representatives through a necessary transition," said Jeff Hanson, chief executive officer at Griffin-American Healthcare REIT II. "Griffin-American Healthcare REIT II remains the REIT they know, managed by the people they trust, delivering the performance they expect and deserve."
"With the successful conclusion of our transition, we are completely focused on the expansion of our portfolio of clinical healthcare real estate and positioning the company for a successful liquidity event for our stockholders in the future," said Danny Prosky, president and chief operating officer at the company.
In December 2011, Griffin Capital Securities announced that Annabelle Morris had joined the company as managing director of National Accounts, responsible for leadership of the firm's relationships with independent broker-dealers throughout the United States.
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Arvind Arora is a contributing editor for HealthTechZone. To read more of Arvind's articles, please visit his columnist page.
Edited by Rich Steeves