Chevalier International Holdings Limited, an investment holding company based in Hong Kong, recently announced plans to acquire a U.S. portfolio of senior housing properties for $124 million (USD), according to ETnet.com.hk.
The properties are located in North Carolina and have an aggregate 441,584 square feet.
“With the growing aged population and steady rise in healthcare expenditure in the US, Chevalier anticipates that demand for senior citizen housing is to increase and this operation will continue to generate a stable operating income and offer capital appreciation potential of those properties in the future,” the announcement notes.
The acquisition is expected to close on Dec. 21, 2012.
Written by Alyssa Gerace