Formation Capital and Safanad Limited have acquired fourteen nursing facilities in the mid-Atlantic region for approximately $150 million. The portfolio is comprised of 1,658 beds with eleven facilities in Virginia, two in Maryland and one in Pennsylvania, and is operated by Consulate Health Care, a provider of skilled nursing care.
PRESS RELEASE
Formation Capital, a healthcare focused private investment firm, together with Safanad Limited, a global principal investment firm, today announced the acquisition of fourteen skilled nursing facilities in the mid-Atlantic region for approximately $150 million. The portfolio is comprised of 1,658 beds with eleven facilities in Virginia, two in Maryland and one in Pennsylvania, and is operated by Consulate Health Care, the sixth largest provider of skilled nursing care.
“This transaction represents another solid investment that gives us an opportunity to leverage our healthcare and operating expertise as well as strengthen our relationship with a best in class operator,” commented Arnold Whitman, Chairman of Formation Capital.
“We are very pleased to announce the close of this transaction as it represents another step in the multi-year strategic partnership between Formation Capital and Safanad,” said Vincent Pica, managing partner and president of Safanad Inc., the US subsidiary of Safanad Ltd. “We continue to explore investment opportunities in the healthcare real estate sector and this acquisition demonstrates our commitment to the sector and to our investment partners.”
Press Contacts:
Formation Capital
Katy Warren, 678-578-8380
kwarren@formationcapital.com
Safanad Limited
Annette Bronkesh, 973-778-8648
abronkesh@safanad.com
About Formation Capital
Formation Capital is a leading private investment management firm focused on seniors housing and care, post-acute and health care real estate investments. Since 1999, Formation Capital has overseen the investment of over $5.5 billion of capital in seniors housing and care, post-acute services and health care real estate and has demonstrated an ability to source attractive opportunities, execute complex investment structures, align partner incentives, mitigate investment risk and generate value in real estate and operationally oriented strategies. For more information regarding Formation Capital, visit www.formationcapital.com
About Safanad Limited
Safanad is a global principal investment firm that invests in real estate, private equity and public markets. As principal investors, Safanad preserves and grows wealth through carefully selected investments with aligned industry partners. With offices in New York, Dubai, London and Geneva, the firm seeks to identify global investment opportunities poised to deliver consistently attractive returns, where the firm’s capital and investment expertise support value creation. Safanad’s investment focus is primarily within the healthcare, education, financial services and retail sectors. The firm’s investment expertise is enhanced by its relationship with the Bahamdan Group, Safanad’s founding shareholder, which has over 60 years of experience in global principal investing and building strategic partnerships.
SOURCE Safanad Limited
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