New York, NY. China-based Cindat Capital Management Limited and Union Life Insurance Co., Ltd. have closed a deal to purchase a significant senior housing and assisted living portfolio in the U.S. via a joint venture with Welltower Inc., a health care real estate investment trust.
The joint venture, with Cindat and Union Life owning 75% interest and Welltower the remaining 25%, purchased a portfolio of 11 seniors housing properties and 28 long-term/post-acute care facilities throughout 11 states in the U.S. with a purchase price of $930 million.
Nixon Peabody represented Cindat and Union Life jointly in this transaction. This is Cindat’s first U.S.-based healthcare real estate acquisition. The deal team was led by Nixon Peabody partners Linda Ji and Jack Fainberg, and included other attorneys Allen Lynch, Colette Dafoe, Sean Clancy, Dustin Hawks, Julia Walcott and Alexander Rosso.
Cindat Capital Management Limited (Cindat), a China-based investment management platform founded in 2013, works to guide and safeguard Chinese institutional and private capital in overseas real estate investments. With offices in Beijing, Shanghai and New York City, Cindat is a premier real estate investment platform backed by China Cinda Asset Management Co. Since inception, Cindat has invested in more than $6 billion worth of real estate assets in the U.S., the U.K., Australia, and China.
For more information about Cindat, please visit www.cindat.com
Union Life Insurance Co. Ltd., with over $13 billion in assets, is one of China’s leading life insurance companies. Union Life develops and owns skilled nursing facilities in six Chinese markets, with investments totaling over $1.3 billion. Its overseas investment activity from mid-2014 until today includes $100 million in U.S. senior housing real estate.
For more information about Union Life, please visit www1.unionlife.com.cn/english/