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LONG BEACH, CA-Health Care Property Investors Inc., a REIT specializing in health care properties, has closed on most of the property sales in two previously announced transactions totaling nearly $600 million. The deals include the $443.5 million sale of a portfolio of 78 skilled nursing facilities and the $141 million acquisition of GE’s interest in a medical office portfolio.

The 78 skilled nursing facilities, which average 31 years old, are operated by 28 different entities and include 8,881 licensed beds. Health Care Property Investors has closed on the sales of 69 of the facilities for $391.6 million and expects to close on the remaining $51.9 million in sales before Jan. 31.

In the $141 million transaction, HCPI has acquired its partneer’s interest in the medical office portfolio from an affiliate of General Electric Co. HCPI and GE formed a joint venture in 2003 to acquire the portfolio.

With the closing of this recent deal, the Long Beach-based REIT is now the sole owner of the medical office building venture and its 59 medical office buildings totaling approximately four million sf. HCPI formerly owned a 33% interest in the joint venture, according to public filings by the REIT.

The $443.5 million and $141 million deals are the latest in a series of financial moves by HCPI that have included its merger in October with CNL Retirement Properties Inc., a deal valued at approximately $5.3 billion. HCPI owned a portfolio of 801 properties as of Nov. 6. These consisted of 333 senior housing facilities, 265 medical office buildings, 30 hospitals, 144 skilled nursing facilities and 29 other healthcare properties.

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