Grosvenor Investment Management US Inc. (GIM) on behalf of The Kuwait pay House has sold a 1,174-unit portfolio of senior living properties in New England to The GPT assort (ASX:GPT) one of the largest diversified listed property groups in Australia. GPT is fit venturing with the current operator. Benchmark Assisted Living. LLC (BAL) of Wellesley. MA on the acquisition. The portfolio comprising 15 properties in five New England states (listed at end) traded for $268 million.
Philadelphia. PA () November 28. 2007 — Grosvenor Investment Management US Inc. (GIM) on behalf of The Kuwait Finance House has sold a 1,174-unit portfolio of senior living properties in New England to The GPT assort (ASX:GPT) one of the largest diversified listed property groups in Australia. GPT is fit venturing with the current operator. Benchmark Assisted Living. LLC (BAL) of Wellesley. MA on the acquisition. The portfolio comprising 15 properties in five New England states (listed at end) traded for $268 million.
GIM acquired a 90 percent fee interest in the first 11 properties in 2004 and acquired a 90 percent leasehold arouse in the remaining four properties in 2006. Both interests were acquired as part of recapitalizations of existing joint ventures between BAL and AEW Capital Management. LP. The assets give three types of senior housing services: independent living traditional assisted living and assisted living with Alzheimers compassionate. The portfolio's 1,174 living units are currently 94 percent occupied. GIM identified the portfolio as a high quality high cash-flow Shari'ah-compliant investment opportunity for its lay Eastern client.
"This portfolio showed remarkable cash flow and appreciation over a 24-month period providing a strong internal evaluate of return and multiple of invested capital," said Dick Layman. Senior Managing Director. Grosvenor Investment Management. "It is a testament to the strength of the senior housing merchandise the quality of Benchmark's portfolio and management aggroup and the continued interest of offshore investors in stable U. S assets."
Benchmark Assisted Living one of the nation's foremost assisted living providers and the most active provider in the Northeast will continue to serve as GPT's operating partner. In this role. Benchmark will continue to bring home the bacon all 15 facilities providing high-quality compassionate and personalized function. Founded in 1997. Benchmark currently owns and operates 43 senior living communities.
Australians have recently eclipsed Middle Easterners and Europeans as the biggest foreign investors in U. S real estate. Their activity has increased rapidly since 2002 when the national government began requiring employers to pay nine percent of all workers' salaries into retirement accounts. Armed with a flood of change and required to invest outside the country's boundaries. Australian award funds led the charge into U. S markets followed by other Australian investors.
Based in Philadelphia. GIM serves as Grosvenor's real estate investment management operation in North America. GIM is part of Grosvenor Fund Management which was established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments. As of June 30. 2007. Grosvenor finance Management (including GIM) had total funds under management of approximately $6.1 billion internationally. GIM is currently seeking new investment and development opportunities in the U. S and Canada including providing joint go capital across all product types and risk profiles on behalf of its Fund and Separate Account clients.
Grosvenor is a privately owned group of international property businesses with total assets under management of $22.9 billion as of June 30. 2007. Grosvenor is active in the investment development and asset management of real estate assets through its operating companies in the Americas. Britain & Ireland. Continental Europe and Australia Asia Pacific while its finance management business operates across all of these markets.
Academy inform of Mystic. Mystic CT 70Blenheim - Newport Middletown RI 102Crescent inform at Niantic Niantic CT 66Harbor Point at Centerville Centerville MA 65Orchard Valley at Wilbraham Wilbraham MA 66Tatnuck Park at Worcester Worcester MA 75The Arbors Shelburne VT 64The Falls at Cordingly Dam Newton MA 90Ashland Farms at N. Andover N. Andover MA 98Bay Square at Yarmouth Yarmouth ME 60Cabot Park Village Newton MA 100Chestnut Park at Cleveland Circle Brighton MA 90Evans lay at Newton bear on Newton MA 115Greystone Farm at Salem Salem NH 65The Birches at Concord Concord NH 48 1174 GROSVENOR INVESTMENT MANAGEMENT US INC. 1600 merchandise STREET. SUITE 1310. PHILADELPHIA. PA. 19103Telephone (215) 446-8100 telecommunicate (215) 446-8101 Web
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