Welltower has withdrawn its bid to buy London-based Barchester Healthcare, which operates more than 200 assisted living, memory care and nursing care facilities in the United Kingdom, The Times reported Sunday.
The Toledo, OH-based real estate investment trust did not respond to a request for comment from McKnight’s on Monday but appears to have pulled out of the deal due to the ongoing COVID-19 pandemic, which has sickened more than 1.3 million people worldwide as of April 6. Welltower announced April 1 that cases of COVID-19 had been recorded at 45 of its seniors housing properties, with 116 residents affected.
The REIT also said it faced increased costs for labor, personal protective equipment and other supplies to help its operators deal with the pandemic. The firm’s share price has fallen by more than 50% since mid-February as the pandemic continues to shake investors’ confidence.