NASHVILLE—Brookdale Senior Living and HCP Inc. said late Wednesday afternoon that they had created a new strategic joint venture valued at $1.2 billion. The JV will own and operate 14 entry-fee continuing care retirement communities.

Located mainly in Florida, the CCRC portfolio encompasses approximately 7,000 units across a diversified care mix consisting of 67% independent living, 18% skilled nursing, 11% assisted living and 4% memory care facilities. Brookdale and Long Beach, CA-based HCP will own 51% and 49%, respectively, of the CCRC JV based on each company’s respective contributions when the deal closes.

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