Formation Capital Concludes Sale of Genesis HealthCare Corporation Real Estate to Health Care REIT
ALPHARETTA, Ga., April 6, 2011 /PRNewswire/ -- Formation Capital (Formation), a leading investor in the seniors housing and health care industry, announced the completion of the $2.4 billion disposition of Genesis HealthCare Corporation's (Genesis) real estate assets to Health Care REIT on April 1, 2011. Health Care REIT acquired 147 post-acute, skilled nursing and assisted living facilities located in 11 states in the Northeast and Mid-Atlantic and will lease the operation and management of the facilities back to Genesis through a long-term, triple-net lease.
"We are very pleased that the sale of the real estate assets was completed successfully. We believe the relationship between Genesis and Health Care REIT captures a unique synergy. Genesis provides a highly respected and tenured management team and a premier delivery system for post-acute health care, which is advantageous to Health Care REIT's existing portfolios," says Arnold M. Whitman, Chairman of Formation Capital. "We look forward to this next phase in Genesis' future as the collaboration between both companies will build a truly exceptional company and senior services platform in this dynamic health care environment," adds Steven E. Fishman, Co-Chairman and President of Formation.
About Formation Capital, LLC
Formation Capital, LLC invests equity in the seniors housing and health care industry. Over the past 6 years, Formation Capital has coordinated the investments in over $6 billion of transactions. As a focused and experienced underwriter and asset manager for seniors housing and health care investing, Formation Capital has successfully developed a strategy of "alignment of interests" with both capital and operational partners in a unique and dynamic approach to investing. For more information, visit http://www.formationcapital.com.
About Genesis HealthCare
Genesis HealthCare, LLC is one of the nation's largest post-acute and skilled nursing care providers with over 200 locations in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 1,100 healthcare providers in 28 states and the District of Columbia. For more information, go to http://www.genesishcc.com.
Christina K. Firth, Formation Capital, LLC, 770.754.5586
SOURCE Formation Capital, LLC