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Volume 4 - Number 14 | July 11, 2006
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TOP STORY: GE Healthcare Makes Major Equity Play in Skilled Nursing
By Sule Aygoren Carranza
GE Healthcare Financial Services has brought its total investment in real estate to more than $4 billion through the acquisition of six senior housing portfolios from Formation Capital LLC. The Alpharetta, GA-based company earned $1.4 billion in the sale, which involves 21,000 beds in 186 skilled nursing facilities around the US.
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EQR Nets $1B Sale of Lexford Unit
By Sule Aygoren Carranza
After announcing plans to shed its Lexford Housing division in the first quarter, Chicago-based Equity Residential has agreed to sell the unit to affiliates of Empire Group Holdings LLC, a privately held company based in Montvale, NJ. The purchase price of $1.1 billion also met the expectations of the REIT’s president and chief executive officer, David J. Neithercut, who said earlier this year that it would be “reasonable” for the sale to generate more than $1 billion.
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Archstone-Smith Quadruples German Presence With $649M Buy
By Sule Aygoren Carranza
Denver-based apartment REIT Archstone-Smith has expanded its reach overseas in a big way with its $649-million (518 million euro) acquisition of Deutsche WohnAnlage GmbH (DeWAG). The company specializes in the acquisition, long-term ownership and resale or privatization of residential communities in the major metropolitan areas of Southern and Western Germany.
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DEAL WATCH: Home Properties Exits Michigan Market in $230M Sale
By Sule Aygoren Carranza
In an exit from the Southeast Michigan market, Home Properties spun off its local portfolio in a $230-million deal with the Lightstone Group of Lakewood, NJ. The 19 communities total 5,046 units and are located in the metro Detroit area.
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