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GFH acquires over $180m healthcare portfolio in US

GFH acquires over $180m healthcare portfolio in US
The assets are currently 93% occupied by residents
GFH
GFH
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Mubasher: GFH Financial Group, through its fully-owned subsidiary GFH Capital Limited, has acquired a Diversified Senior Healthcare Portfolio at a deal value surpassing $180 million.

This healthcare portfolio consists of six income yielding properties located in the California, Washington, and Michigan in the US, GFH said in a bourse filing on Tuesday.

The assets are currently 93% occupied by residents, caters to senior citizens seeking Independent Living, Assisted Living and Memory Care.

“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 said in the statement.

The Bahraini group, listed on Bahrain Boursa (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM), will hold 4.55%, GFH’s investors will hold up to 86.45%, and the joint venture partner Madison Marquette will hold 5.88%.

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

This investment is expected to make a return on investment (ROI) of 160% over the 5-year period of the investment, and will accordingly have a positive impact on GFH’s financial statements for fiscal year 2019.