Global investment firm Safanad and its industry partner, global private investment management firm Formation Capital, have acquired nine Agape Senior assisted living communities in South Carolina for $128.6 million.
Management of the facilities will be transferred to assisted living and retirement community operator Frontier Management, which manages 62 facilities across the United States.
“This transaction is a further milestone in the long-standing partnership between Safanad and Formation Capital and confirms our mutual commitment to a healthcare investment strategy,” Safanad CEO Kamal Bahamdan said in a statement. “We will continue to support Agape Senior’s mission of meeting the needs of its residents with improved facilities and services.”
Since 2009, Safanad and its affiliates have been lead investors in more than $6 billion of investments in healthcare services, seniors housing and care, and post-acute services. The company has offices in New York, London and Dubai.
Since 1999, Formation Capital and its affiliates have sponsored more than $9 billion of investments in healthcare services, seniors housing and care, and post-acute services. Formation’s corporate headquarters is in Atlanta.