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NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the sale of three seniors housing communities in California.
The portfolio totals 599 units. An undisclosed buyer purchased the properties for $47 million.
These sales were part of Newton-based DHC’s previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. DHC expects to use the proceeds from these sales to repay debt and for general business purposes.