GSH Kuwait Acquires Spring Creek Rehabilitation and Healthcare Center
Harrisburg , PA, January 29, 2007 – GSH (Global Securities House), a Kuwait-based real estate advisory firm, announced today the joint venture acquisition of Spring Creek Rehabilitation and Healthcare Center , a 404 bed skilled nursing facility located in Harrisburg , PA. The property was acquired through a recently formed joint venture with Continuum Care Holdings of Westport, CT.
The Property is located in the growth corridor of Harrisburg , Pennsylvania , part of Dauphin County and the Harrisburg-Lebanon-Carlisle MSA. The Property is less than one mile from Interstate 83, the main thoroughfare through western Pennsylvania , and a 10-minute drive to downtown Harrisburg and the Harrisburg International Airport . The neighborhood surrounding the Property has been growing rapidly, and is a popular choice for corporations locating within Harrisburg . There are several major hotel and restaurant chains in the immediate area, and the Property is adjacent to the recently renovated 840,000-square foot Harrisburg East Mall. Currently, there are 53,000 residents in Dauphin County over the age of 65; this number is projected to grow to 70,000 by 2010.
“We are very excited about the relationship with Continuum Care and with the successful joint venture acquisition of our first property. We were attracted to this asset based on the high quality of the facility, the obvious commitment to patient care among facility staff and the unique opportunity to acquire the facility at a significant discount to replacement cost. We believe that these factors, combined with the management expertise of Continuum Care, will prove a winning combination for the facility's residents and care providers, as well as our investors,” said Fahed Boodai , Managing Director of GSH. “We hope to expand our presence in health care related real estate during 2007.”
“We have not seen an institutional investor show more creativity, flexibility and perseverance than that shown by GSH and its advisor, Arch Street Capital, during this acquisition process,” said Chas Blalack, CEO of Continuum Care. “We look forward to rewarding their spirit of partnership with outstanding operating performance at Spring Creek.”
GSH and Arch Street Capital Advisors, L.L.C., a Greenwich, CT-based real estate advisory firm structured and arranged the transaction.
About Global Securities House
GSH is the real estate advisory subsidiary of The Securities House, a financial institution publicly traded on the Kuwait stock exchange, which controls, directly and indirectly through sponsored funds, approximately $1.8 billion in assets including institutional quality real estate holdings in the U.S. GSH monitors and advises on all international investments held by its parent company and its clients.
About Arch Street Capital Advisors, L.L.C.
Arch Street Capital Advisors, L.L.C. is a full service real estate investment advisory firm. Arch Street specializes in assisting international investors with their U.S. real estate strategies including acquisition and joint venture advisory, financing advisory and asset management and disposition services. Since 2003, Arch Street has advised clients on more than $2 billion of acquisitions, dispositions and financings. Currently Arch Street manages a diverse portfolio of investments on behalf of its clients in the industrial, office, multifamily, health care and residential condominium development sectors of the U.S. real estate market.
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