Taikang Life Insurance Co., China's fifth-largest insurer by sales, has agreed to acquire a stake of NorthStar Realty Finance Corp.'s senior care properties for US$1 billion.
New York-listed NorthStar Realty, a U.S. investment trust, owns over 460 healthcare properties, including 200 eldercare homes in the U.S. and U.K. The properties are valued at US$6.1 billion, according to the company's latest financial report.
The transaction, Taikang's largest investment for healthcare assets, comes at a time when NorthStar Realty is preparing for a three-way merger with NorthStar Asset Management LLC and private equity firm Colony Capital Inc.
At the end of 2014, there were 212 million people in China aged at 60 or above, or 15.5% of its total population. The senior population is estimated to reach as high as 33% of total population around mid-...
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