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Cindat, Union Life JV in US$930m US senior housing deal
Beijing-based Cindat Capital Management and China’s US$13 billion Union Life Insurance Co have formed a joint venture to invest US$930 million in a real estate portfolio of senior housing and care facilities held by Welltower, a US-based healthcare REIT.
The Welltower portfolio comprises 11 senior housing properties master leased to Brookdale Senior Living and 28 long-term/post–acute care facilities master leased to Genesis Healthcare. Cindat and Union Life will own a 75 percent interest in the portfolio, while Welltower will retain the remaining 25 percent interest. The transaction was expected to close by year-end 2016.
“With ageing demographics and US healthcare trends driving the need for innovative healthcare infrastructure, we believe the sector represents an attractive long-term investment opportunity,” said Greg Peng, CEO at Cindat Capital Management, representing Cindat and Union Life, in a statement.
Although the deal represents Cindat’s firs