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DigitalBridge Group Agrees To Sell Wellness Portfolio For $3.2 Billion

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DigitalBridge Group Inc., the real estate investment trust led by Chief Executive Officer Marc Ganzi, agreed to sell its so-called wellness infrastructure portfolio of more than 300 facilities in a transaction valued at $3.2 billion.

The REIT is set to obtain $316 million in proceeds from the sale of the division, which includes senior housing and skilled-nursing facilities, hospitals and medical office buildings, to Highgate Capital Investments and Aurora Health Network, according to the newly released statement. Highgate and Aurora are set to assume about $2.9 billion in associated debt. Bloomberg News first reported the agreement earlier.

“We’re incredibly bullish about our ability to get the right price for that asset and, ultimately, find the right home for it,” Ganzi said on a second-quarter earnings call last month.

The REIT is working to rotate away from real estate sectors that were favored by its founder Tom Barrack and exclusively pursue digital infrastructure assets such as data centers, fiber networks and cell towers.

“There’s a path to finish the mission between now and the end of the year to get to 100% digital,” Ganzi said at a conference last month.

Boca Raton, Florida-based DigitalBridge, formerly known as Colony Capital, in June agreed to sell assets to Fortress Investment Group LLC. In March, it announced the completion of its sale of a hotel portfolio to Highgate and an affiliate of Cerberus Capital Management LP. Those transactions followed other divestitures including the sale of a stake in real estate investment firm RXR Realty as well as its warehouse portfolio.

DigitalBridge’s shares have gained 146% in the past 12 months, outperforming the Bloomberg U.S. Real Estate Large & Mid Cap Price Return Index, which rallied around 33% over the same period.

Highgate, led by Mahmood and Mehdi Kimji, has historically focused on hotels, its website shows. Its partner on the transaction, Aurora, led by Joel Landau and Leo Friedman, has been an owner-operator of skilled nursing facilities.

 

Source: Wealth Management

Assisted 4 Living, Inc. Acquires The Assets Of The Trillium Healthcare Group

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Assisted for Living Inc. is pleased to announce the acquisition of Trillium Healthcare Group’s assets.

Trillium Healthcare is a post-acute healthcare company which has offered operational insight into the skilled nursing and senior living communities for over 10 years.

A Skilled Nursing Facility (SNF) is a state licensed and regulated in-patient rehabilitation and medical treatment center staffed with trained medical professionals.  SNFs provide the medically necessary services of licensed nurses along with physical, occupational and speech therapy.

Trillium currently leases and operates 26 facilities in four states: Florida, Georgia, Iowa, and Nebraska with 1,685 total licensed beds (1,546 skilled nursing, 139 assisted living) and 36 independent living apartments. Trillium 2020 revenues were approximately $100 million.

“The Trillium acquisition includes their back office, which is a group of very well qualified and highly skilled employees with a commitment to quality and support to the facilities.  We will integrate the Trillium back office with the current team at Assisted 4 Living, Inc. and the combination will provide a highly efficient and extremely solid foundation and platform to support all our subsidiaries and facilities.  This was a key acquisition for us in our growth plans and we are thrilled to be able to acquire an organization like Trillium,” – Louis Collier, CEO of Assisted 4 Living, Inc.

About Assisted for Living

Assisted 4 Living, Inc. (OTC: “ASSF”) is diversified healthcare company providing post-acute care for Pediatrics and Seniors through three separate and distinct operating divisions. Wholly owned subsidiary, Trillium Healthcare – OPS, LLC provides medically necessary services of licensed nurses, physical and occupational therapists, and speech pathologists within the Skilled Nursing arena. Wholly owned subsidiary, Banyan Pediatric Centers, Inc. is a PPEC (Prescribed Pediatric Extended Care), providing nurse-staffed pediatric day care center for medically complex children age birth to 21 years. Real Living Property Holdings, LLC is the real estate holding company into which all real estate will be housed.  It does not currently consist of any other operations.  Assisted 4 Living’s growth plan is primarily through an acquisition strategy for the Seniors and a build-out plan for the Pediatric division. Additionally, the company will optimize the operations and internalize services such as Therapy, Medical Management and Pharmacy.

 

Source: WFMZ-TV 69 News

Fortress Eyes Acquisition Of Colony Capital’s $3B Senior Housing, MOB Portfolio

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Fortress Investment Group is in talks with Colony Capital to acquire a portfolio of medical office buildings and senior housing properties valued at $3.3B from Colony, Bloomberg reports, citing anonymous sources familiar with the matter.

The deal would represent a move away from “noncore” assets by Colony, which is currently emphasizing its digital infrastructure holdings, including data centers, cell towers and fiber networks.

Colony inked a deal in September to sell about 200 hotels to Highgate, a hotel management specialist, which valued the indebted properties at $2.8B. In 2019, Blackstone Group bought Boca Raton, Florida-based Colony’s warehouse portfolio in a $5.9B deal.

Colony now refers to its healthcare portfolio as “wellness infrastructure,” according to a recent filing with the Securities and Exchange Commission. That includes senior housing, skilled nursing facilities, medical office buildings and hospitals.

The company earns income from some of those assets under net leases to single tenants or operators and from MOBs that are both single-tenant and multi-tenant. Some of the company’s senior housing properties are managed by operators under a REIT Investment Diversification and Empowerment Act, or RIDEA, structure, which allows tax benefits compared to receiving rent under a net lease arrangement.

For SoftBank-backed Fortress, the deal would represent a further expansion into healthcare assets. The investor previously owned a controlling stake in Brookdale Senior Living, which it took public in 2005. It sold its remaining interest in that company in 2014.

ATI Physical Therapy, a major chain of outpatient physical therapy clinics in the U.S., will go public in a deal with Fortress Value Acquisition Corp. II, a blank check company formed by Fortress.

New York-based Fortress, along with Altamont Capital Partners, recently struck a deal to buy the bankrupt Alamo Drafthouse Cinema, a chain of upmarket movie theaters that was hit hard by the coronavirus pandemic.

 

Source: Bisnow