TAVARES, Fla., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Fengate Asset Management (Fengate) is pleased to announce financial close on the acquisition of two operating inpatient rehabilitation facilities (IRFs) in Georgetown, Delaware and Tavares, Florida.
The 34-bed Georgetown IRF started operations in 2022 and the 42-bed Tavares facility in 2023. The acquisition brings the firm’s social infrastructure portfolio to 45 assets and total beds to more than 4,900.
“The acquisition of these facilities is important to our social infrastructure strategy, which includes a commitment to enhancing healthcare infrastructure in the U.S. as well as delivering long-term, predictable and contracted returns for our investors,” said Andrew Cogan, Managing Director and Portfolio Manager of Fengate Infrastructure Yield Fund at Fengate.
“We are excited to expand our portfolio with these high-quality assets and look forward to the positive impact they will have on the communities they serve.”
IRFs provide intensive rehabilitation services to patients following acute care in major hospitals. These facilities play an important role in the healthcare continuum, offering cost-effective treatment options and enabling larger hospitals to focus on their core services.
Fengate is managing this investment on behalf of the Fengate Infrastructure Yield Fund and its affiliated entities, including an investment by the LiUNA Pension Fund of Central and Eastern Canada.
About Fengate
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with more than US$7 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America’s most active infrastructure investors and developers with a project portfolio of more than 45 assets, valued at over US$14 billion. Learn more at www.fengate.com.
Media Contact
Maddison Sharples
Director, Marketing and Communications, Infrastructure
Fengate Asset Management
+1 416-254-3326
Maddison.Sharples@fengate.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/63f45b6f-9f0b-4e9f-be1f-121d60dbbeee
