Formation Capital, Safanad Limited announce definitive agreement to sell $1.05bn healthcare real estate portfolio

March 18, 2014 4:08 pm

Formation Capital (Formation) and Safanad Limited (Safanad) announced that they have entered into an agreement to sell a $1.05bn healthcare real estate portfolio comprised of 43 primarily private-pay senior housing facilities and 37 skilled nursing facilities (the “Portfolio”) to NorthStar Realty Finance Corp.

Safanad, a global principal investment firm that invests in real estate, private equity and public markets across the U.S., Europe, Middle East and Asia, and Formation, a private investment firm focused on post acute services, senior housing and health care 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.”


Annette Bronkesh
Safanad Limied

Kelly Sheehy
Formation Capital

Budoor Al Aradi
Finmark Communications
Manama, Kingdom of Bahrain
+973 17 749 759