Emeis Strikes Deal With Investors to Cut Debt by €700 Million

Emeis, the French nursing-home operator formerly known as Orpea that underwent restructuring two years ago, is creating a real estate partnership to help it cut its €4.8 billion debt.

The company will create a vehicle with its real estate assets in partnership with Farallon Capital and TwentyTwo Real Estate, which will invest €761 million in the unit by the end of the year, according to a statement on Tuesday. That’s equivalent to 62% of the value of the Emeis assets in the vehicle, the statement said.