DigitalBridge Group, a leading global digital infrastructure REIT, agreed to sell its Wellness Infrastructure business to real estate investment firms Highgate Capital Investments and Aurora Health Network.
On September 8, Willkie client DigitalBridge Group, Inc. (NYSE: DBRG), a leading global digital infrastructure REIT, announced it has reached an agreement to sell its Wellness Infrastructure business to an investment group comprised of two leading real estate investment firms, Highgate Capital Investments and Aurora Health Network in a transaction valued at $3.2 billion. The portfolio includes more than 300 facilities across senior housing, skilled nursing, medical office buildings and hospitals. Additionally, the Wellness Infrastructure business includes the company's equity interest in and management of its sponsored non-traded REIT, NorthStar Healthcare Income, Inc.
The total consideration includes $316 million of net value to DigitalBridge (comprised of $226 million in cash and a $90 million 5-year seller note) and the assumption of $2.6 billion in consolidated investment-level debt and $294 million of subsidiary-level debt. The transaction is expected to be completed in early 2022, subject to closing conditions and third-party approvals.
With over 25 years of investing in and operating businesses across the digital ecosystem -- including cell towers, data centers, fiber, small cells, and edge infrastructure -- the DigitalBridge team manages a $35 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. DigitalBridge is headquartered in Boca Raton with key offices in Los Angeles, New York, London and Singapore.
The Willkie deal team was led by partners Adam Turteltaub, Michael Brandt, Daniel Backer and Guy Inbar and senior counsel Henry Cohn.