NEW YORK CITY—Newcastle Investment Corp. saidMonday it had filed a registration statement to spin off itssenior housing business into aREIT that will trade under the name NewSenior Investment Group. The move comes about six monthsafter the New York City-based investment firm, one of the largestpublicly traded players in the space, acquired a 51-property portfolio from an affiliate ofHoliday Retirement for $1.04 billion.
“The spin-off of New Senior from Newcastle will be a key steptowards optimizing the future growth of each standalone company,”says Newcastle CEO Kenneth Riis. “As twoseparately traded public companies, both Newcastle and New Seniorwill be better positioned to capitalize on respective marketopportunities and further enhance shareholder value creation.”
The REIT will be externally managed by an affiliate ofFortress Investment Group. Newcastle itself ismanaged by a Fortress affiliate.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
