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CNL Healthcare Properties II suspends distribution amid ongoing strategic review

CNL Healthcare Properties II Inc.'s board suspended the nontraded healthcare real estate investment trust's cash distribution on its common stock, effective April 1.

The REIT said the suspension follows the recent engagement of SunTrust Robinson Humphrey Inc. as financial adviser to its special committee of independent directors that was tasked with evaluating strategic alternatives for CNL Healthcare Properties II.

The suspension also comes in light of CNL Healthcare Properties II's planned sale of a medical office building in Overland Park, Kan., to HCP Medical Office Buildings LLC in a cash deal worth approximately $15.4 million, with closing expected in the first half of 2019, according to a March 19 filing.