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Grand Court sells off properties to raise cash.

Boca Raton, Florida-based Grand Court Lifestyles Inc., a provider of independent and assisted living services, announced its first sale of controlling interests in multifamily properties. Grand Court received $12 million, including $5 million in cash and a $7 million note receivable, in exchange for eight properties.

"The proceeds from these divestitures will enable us to continue developing senior housing communities," Bernard Rodin, president and COO, said in a prepared statement.

Grand Court manages or owns 48 senior living communities with more than 6,600 units and has controlling interests in 117 multifamily properties.

Grand Court also announced a 300,000 share stock repurchase program. "We believe our stock is under-priced based on our underlying asset value and the excellent future prospects of the company," Rodin said.
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Publication:Contemporary Long Term Care
Geographic Code:1USA
Date:Jul 1, 1999
Words:126
Previous Article:Leaders and Laggards.
Next Article:NewCare Health Corp. announces restructuring.
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