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Care Investment Trust Inc. Forms Joint Venture With Senior Management Concepts, LLC to Acquire $61.0 Million Portfolio of Assisted Living Facilities.

Publication: PR Newswire
Publication Date: 07-JAN-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- Care Investment Trust Inc. ("Care" or "Company"), today announced that it has formed a joint venture with an affiliate of Senior Management Concepts, LLC to acquire four independent and assisted living facilities located in Utah. The total capitalization of the joint venture is $61.0 million. Care paid $6.8 million in exchange for 100 percent of the preferred equity interests and 10 percent of the common equity interests of the joint venture. The transaction closed on December 31, 2007. Affiliates of Senior Management Concepts, LLC will lease the facilities from the joint venture for 15 years.

F. Scott Kellman, President and Chief Executive Officer, said, "This investment advances our strategy of increasing Care's ownership of high quality healthcare facilities by partnering with premier operators such as Senior Management Concepts. We hope this transaction marks the beginning of a larger...

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