WARRENTON, EASTMAN, GLEN EAGLE and SPARTA, Ga. — Selectis Health Inc. (OTC: GBCS) has agreed to sell the company’s four owned and operated skilled nursing facilities in Georgia.
The agreements provide for the sale of the Company’s Warrenton Healthcare & Rehabilitation, Eastman Healthcare & Rehabilitation, Glen Eagle Nursing and Rehabilitation and Providence of Sparta Healthcare & Rehabilitation facilities, for an aggregate consideration of $31 million.
All four properties are located in rural markets in Middle Georgia. The Warrenton property features 110 beds, the Eastman 100 beds, Glen Eagle 101 beds and Sparta 71 beds.
Following completion of the transaction, the company’s remaining owned facility in Georgia will be the Archway Transitional Care skilled nursing facility (formerly known as Goodwill Nursing Home).
The buyer was not disclosed.
“The attractive valuation of our Georgia facilities is a testament to the success of our facility-level financing and operational improvement initiatives,” says Adam Desmond, interim CEO of Selectis Health. “We expect the significant additional capital from this sale to enhance the flexibility of our balance sheet as we optimize our remaining footprint and progress towards portfolio-wide profitability. While our work is not yet finished, we will continue to work towards closing this transaction and seek additional opportunities to create and maximize shareholder value.”