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

Located mainly in Florida, the CCRC portfolio encompassesapproximately 7,000 units across a diversified care mix consistingof 67% independent living, 18% skilled nursing, 11% assisted livingand 4% memory care facilities. Brookdale and Long Beach, CA-basedHCP will own 51% and 49%, respectively, of the CCRC JV based oneach company's respective contributions when the deal closes.

Brookdale will contribute eight of its owned campuses, as wellas its leasehold rights including purchase options on threeHCP-owned properties across two campuses. For its part, HCP willcontribute those three properties leased to Brookdale and $334million of cash, which will be used to acquire four additionalentry-fee CCRCs currently managed by Brookdale. Brookdale willcontinue to manage all of the properties in the portfolio.