USA: GE Electric Buys 186 Nursing Homes for $1.4 Billion

FORT WAYNE, Indiana (Journal Gazette), July 2, 2006: General Electric Co. has agreed to buy 186 nursing homes for $1.4 billion from Formation Capital LLC. The properties, contained in six senior housing portfolios, comprise 21,000 beds with an average occupancy rate of 90 percent, the company said last week. Half of the properties are in Florida, with the rest in 20 other states. The deal, expected to close in the third quarter, will bring GE Healthcare Financial Services’ real estate investments to more than $4 billion. Copyright 2006 FortWayne.com All Rights Reserved