Seattle-based investment firm Columbia Pacific Management and the Singapore government's Temasek, its sovereign wealth fund, will embark on a $250 million joint venture to develop and operate hospitals and nursing homes in China, according to The Seattle Times.
Columbia Pacific Management is a U.S. investment firm that manages and operates healthcare operations in various countries worldwide.
Under terms of the agreement, both entities will co-own a 220-bed orthopedic hospital, two multispecialty clinics and three senior living facilities in Shanghai and Beijing. The venture will also develop three 300 to 500-bed multispecialty hospitals, as well as a number of other projects, according to the article.
The joint venture, ColumbiaChina, is Columbia Pacific Management's second venture into the Asian healthcare industry. In July, the company agreed to a $101 million deal with Tokyo, Japan-based investment firm Mitsui & Co, according a second Seattle Times article.