Formation Capital and Dubai-based investment firm Safanad acquired nine assisted living facilities in South Carolina from Agape Senior for $128.6 million.
Safanad and Formation Capital Acquire Assisted Living Facilities From Agape Senior
NEW YORK, March 20, 2016 /PRNewswire/ — Safanad, and its industry partner in the senior care investment platform, Formation Capital, have completed the acquisition of 9 Assisted Living Facilities (ALFs) in the state of South Carolina for $128.6 million.
Agape Senior is one of the largest providers of Assisted Living and Memory Care services in the state of South Carolina, with communities located across rural and metropolitan areas. Management of the facilities will be transferred to Frontier Management, a leading national operator of ALFs and retirement homes with 62 facilities under management across the United States.
Safanad CEO Mr Kamal Bahamdan said “This transaction is a further milestone in the long standing partnership between Safanad and Formation Capital and confirms our mutual commitment to a health care investment strategy.” Mr Bahamdan added “We will continue to support Agape Senior’s mission of meeting the needs of its residents with improved facilities and services.”
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. Safanad’s investment focus is primarily within the healthcare, education, and financial services sectors. Since 2009, Safanad and its affiliates have been lead investors in over $6.0 billion of investments in healthcare services, seniors housing and care and post-acute services. For more information visitwww.safanad.com
About Formation Capital
Formation Capital is a global private investment management firm solely focused on healthcare services investment and healthcare real estate opportunities. Since 1999, Formation Capital and its affiliates have sponsored over $9.0 billion of investments in healthcare services, seniors housing and care and post-acute services. For more information regarding Formation Capital, visit www.formationcapital.com