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Real Estate

New Senior Plans To Internalize Management, Pay Fortress $50M

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New Senior Investment Group (NYSE: SNR) is distancing itself from external manager Fortress Investment Group (NYSE: FIG) and internalizing its operations, executives announced Thursday. The move is being made as part of the New York City-based real estate investment trust’s (REIT) ongoing strategic review process, which has not yet concluded, CEO Susan Givens implied during a call with analysts and investors. New Senior is a major owner of senior housing property, with a portfolio of 133 senior housing properties in 37 states. The largest operator in its portfolio is independent living giant Holiday Retirement, which is owned by Fortress.

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