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CHICAGO-Locally based GE Healthcare Financial Services, which has had a five-year relationship with Alpharetta, GA-based Formation Capital LLC, has contracted to buy six Formation seniors housing portfolios for $1.4 billion or about $233.3 million per portfolio. The deal, which brings GE Healthcare's real estate investments to more than $4 billion, is scheduled to close in the third quarter.

In the largest transaction of its kind between the two companies, GE Healthcare will acquire 186 skilled nursing facilities totaling more than 21,000 beds in 21 states. The contract price equates to $66,666 per bed and $7.52 million per property. The properties are 90% occupied. John Cobb, senior managing director for GE Healthcare Financial Services' real estate finance team, says his firm plans to have Formation Capital provide asset management services.

He calls the acquisition "a strong addition to our equity portfolio" and characterizes Formation Capital as "a solid, long-term partner." GE Healthcare has provided Formation Capital with several senior debt facilities for various long-term care projects totaling over $400 million over the past five years. Cobb says GE Healthcare "has been providing debt products to the long-term care industry for more than 10 years. This acquisition marks the largest to date for our healthcare real estate team and positions us as a strong player in the equity market." He says GE Healthcare is scouting for additional acquisitions in the long-term care market.