March 17, 2014– Safanad and Formation, a private investment firm focused on post acute services, senior housing and healthcare real estate, jointly acquired the Portfolio over a period of 3 years.
“As an active investor in post acute services, senior housing and health care real estate for over a decade, we are pleased to announce this transaction,” commented Brian Beckwith, Formation Capital’s Chief Executive Officer, adding “this transaction demonstrates Formation’s continued focus, together with Safanad, on creating value for our investors and partners.”
Safanad’s CEO, Kamal Bahamdan, commented, “Safanad as the lead investor, together with Formation Capital, have built a substantial senior care real estate platform in the US. While this partial exit realizes our expected return, it is also a validation of our senior care investment strategy. Consistent with this strategy, we will continue to actively explore further investment opportunities within this sector, while we maximize the value of the remaining assets.”
