Private Equity JV Nabs $400M Senior Housing Portfolio

Law360, New York (July 3, 2013, 3:30 PM EDT) -- A joint venture of private equity-backed Formation Capital and Swiss investment house Safanad Group has scooped up a 36-property portfolio of U.S. senior housing facilities for $400 million, significantly bolstering both companies' presence in the market, according to a Wednesday statement.

The deal gives the companies new properties spread across 13 states with a mix of care levels, according to a statement. It also starts new relationships for Formation and several senior housing operators, including Senior Lifestyles Corp. and Prestige Senior Living LLC, while bolstering an...
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