Newcastle sells manufactured housing portfolio


Newcastle Investment (NCT) sold the assets for $231M and received $85M in proceeds after paying off debt associated with the portfolio. The sale will generate a gain of about $20M in Q2.

Comments (2)
  • Len Friedman
    , contributor
    Comments (93) | Send Message
     
    I'm hoping this is another step in the direction of refocusing the company. It would be great if NCT were to divest itself of all assets not part of their senior housing business so that we will become a bona fide senior housing REIT standing on its own merits. Sitting on 13,700 units collecting a mere 8.7% or $5.5 grand annually. Money is parked and the sun is shining. And waiting for the 30% ROI projected by the Company on the move towards a senior housing REIT.

     

    Dreams, dreams and more dreams! That's what this is about, isn't it?
    13 May 2014, 01:06 PM Reply Like
  • James_B
    , contributor
    Comments (235) | Send Message
     
    Ha! If I were a betting man, I would say NCT has the $85M earmarked for senior housing purchase or two. I think the most prudent way to become a senior housing REIT would be another spin-off, which is what I want NCT to do. I am not too interested in golf properties or newspapers!
    13 May 2014, 05:49 PM Reply Like
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