NorthStar Healthcare Income, along with its joint venture (JV) partners Formation Capital and Safanad Management, has acquired US-based operations of Extendicare International for $1.1bn.
Under the deal, NorthStar has purchased a 36.67% interest in the Extendicare portfolio, while Safanad and Formation own the remaining 63.33% stake in the acquired business.
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Extendicare International operates 158 senior housing and care facilities in the US. The portfolio of Extendicare includes 152 skilled nursing facilities and six assisted living facilities with 15,000 beds across 12 states in the country.
Most of the firm’s facilities are located in Indiana, Kentucky, Ohio, Michigan and Wisconsin.
NorthStar Healthcare president Ron Jeanneault said: "Our strategic partnerships continue to drive transaction volume and accretive investment opportunities for NorthStar Healthcare and our growing healthcare portfolio.
"The depth of our team combined with our strong industry relationships enabled us to execute on this complex transaction and expand our portfolio with quality healthcare real estate assets.
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By GlobalData"We remain focused on continuing to build a diverse portfolio of needs-driven senior housing on behalf of our shareholders."
NorthStar Healthcare, part of the NorthStar Asset Management Group invests in healthcare real estate, including assisted living, memory care, skilled nursing and independent living facilities.
The firm also invests in healthcare property types, comprising medical office buildings, continuing care retirement communities, hospitals and rehabilitation facilities.
