Philadelphia archdiocese sells nursing homes for $145M
July 02, 2014
The Archdiocese of Philadelphia has announced that it has sold seven nursing homes and assisted-living facilities for $145 million.
The buyer, Center Management Group, has agreed to maintain the homes’ chapels, to hire priests to serve as chaplains, and to abide by the US bishops’ health care directives.
The archdiocese stated that as of June 30, 2014, it had approximately $287 million in underfunded balance sheet liabilities, $218.3 million of which was for clergy and lay pensions.
For all current news, visit our News home page.
Further information:
- Archdiocese sells nursing homes for $145 million (Philadelphia Inquirer)
- Archdiocese of Philadelphia Announces Agreement of Sale with Center Management Group Regarding Nursing Homes Operated by Catholic Health Care Services (Archdiocese of Philadelphia)
All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a current donor, log in to see the comment form; otherwise please support our work, and Sound Off!
