Shearman & Sterling has advised China’s Taikang Insurance Group in its joint venture with New York-based NorthStar Realty Finance Corp, represented by Paul, Weiss, Rifkind, Wharton & Garrison.

Through the JV, Taikang will acquire approximately $1 billion interest at a valuation of $6.1 billion in NorthStar’s existing portfolio of healthcare assets in the U.S. and the UK.

This is said to be Taikang’s largest investment in healthcare assets outside of China and marks its entry into the global healthcare real estate markets.

The Shearman & Sterling team was led by partners Stephanie Tang, John Marzulli and Lisa Brill. Other partners include Jordan Altman and Larry Crouch.

Partners Robert Schumer, Ellen Ching, Jeanette Chan, Bruce Gutenplan, Scott Sontag, Harris Freidus, Salvatore Gogliormella and Moses Silverman oversaw the transaction for Paul, Weiss.