GFH acquires US healthcare portfolio

MANAMA: GFH Capital, a subsidiary of Bahrain-based GFH Financial Group, has acquired a diversified senior healthcare portfolio, exceeding $180 million in value, in partnership with Madison Marquette.

The portfolio consists of six income yielding senior healthcare properties located in the US states of California, Washington and Michigan.

The properties, currently 93 per cent occupied by residents, cater to senior citizens seeking independent living, assisted living and memory care.

The portfolio is highly diversified by product type, geography and operator profile.

Most of the properties have been recently renovated and the portfolio, on average, is attracting above-market rent, reflecting the high quality of services it provides.

The properties will be managed by JEA Senior Living, Senior Resource Group and Independence Village, three best-in-class operators with strong management teams and investment track records in the US market.

GFH, along with its investors, has acquired up to 91pc of the portfolio with around 6pc expected to be held by Madison Marquette as joint venture partner.

Senior Resource Group and JEA Senior Living have also co-invested alongside GFH and Madison Marquette in their respective portfolios.

GFH chief executive Hisham Al Rayes said: “We are pleased to continue expanding our portfolio of strong income yielding investments in the US market with the addition of these well positioned and diversified Senior Healthcare assets. In line with our strategy, this portfolio generates strong, in-place, stabilised cash flows as well as healthy operating margins that will allow us to deliver value and attractive distributions to our investors.

Working with leading US asset managers and operators, we expect to build on the strong performance and long-standing reputations of these properties and, importantly, on the strong competitive advantage they enjoy.”

With the completion of this deal, the total US real estate transactions volume executed by GFH over the last five years has reached around $1 billion. 



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