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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.