March 21, 2016
Safanad and partner Formation Capital have closed on their acquisition of nine assisted living facilities (ALF) in South Carolina. The seller, Agape Senior, received $128.6 million for the properties.
The facilities’ management will be transferred to Frontier Management, a national ALF and retirement home operator with 62 facilities under management in the United States.
Safanad CEO Kamal Bahamdan said “This transaction is a further milestone in the long standing partnership between Safanad and Formation Capital and confirms our mutual commitment to a health care investment strategy.”
Safanad is based in New York, Dubai and London.