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BOCA RATON, Fla., Sept. 20 (UPI) -- Florida's GEO Group Inc. will pay $356.1 million to buy CentraCore Properties Trust, a correctional real estate investment trust.
The all-cash deal for CentraCore gets GEO 13 correctional facilities totaling 8,071 beds, of which 11 facilities totaling 6,945 beds are currently leased to GEO under sale-lease back agreements. In addition to the 11 facilities leased to GEO, CentraCore owns the 400-bed Mesa Verde Correctional Facility, which is leased to Cornell Companies and the 726-bed Delaney Hall, which is leased to Community Education Centers.
GEO plans to finance the acquisition of CentraCore, which is based in Palm Beach Gardens, Fla., deal with $57 million in cash and $360 million in debt to be arranged by BNP Paribas.
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