NASHVILLE, TN—Locally-based Brookdale SeniorLiving and Irvine, CA-based HCP, Inc.report they have closed on their previously disclosedmultiple-faceted transaction that includes the creation of a$1.2-billion strategic joint venture.
The joint venture initially owns a portfolio of 14 entry feeContinuing Care Retirement Communities. Thetransactions also involve amendments to the triple-net leases on202 HCP-owned senior housing communities formerly operated byEmeritus Corp., which was acquired by Brookdale in July 2014.
As previously announced, concurrent with the closing, HCPinvested $324 million of cash into the CCRC joint venture, whichwas used to acquire four communities representing four of the 14campuses that initially constitute the venture. Brookdale willcontinue to manage the communities in the CCRC portfolio.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
