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LONG BEACH, CA-HCP has completed the integration into its portfolio of 83 properties totaling 5.2 million sf of life sciences space that it acquired last year from Slough Estates USA Inc. in a $2.9 billion deal that vaulted HCP into the ranks of top owners of life sciences facilities. With the integration of the Slough Estates properties into its existing portfolio of life sciences space, HCP now owns and operates a life sciences portfolio totaling 107 properties and 6.6 million sf.<p.HCP, a REIT that owns healthcare properties as well as its life sciences portfolio, inked the deal for the Slough properties in August 2007. HCP's combined life science portfolio includes a development pipeline of approximately 3.4 million sf. The portfolio is primarily located in San Diego and San Francisco, two of the three largest life science clusters in the country.

With the completion of the integration, former Slough Estates exec Marshal Lees, an executive vice president with HCP, “has resigned to pursue more entrepreneurial opportunities,” HCP said in a prepared statement. Going forward, the HCP life science platform will be led by a team of three senior vice presidents: Jon Bergschneider, Randy Rohner and Tim Schoen.

In acquiring Slough, which was wholly owned by Britain’s publicly traded Segro plc before HCP bought it, the Long Beach-based healthcare REIT took title to 83 properties totaling 5.2 million sf. That 5.2 million sf includes the Genentech and Amgen corporate campuses in San Francisco.

HCP Chairman and CEO Jay F. Flaherty notes that following the Slough Estates acquisition has enabled HCP to raise rents to market rates in a number of the acquired properties. With the integration of the Slough properties and its other holdings, HCP Inc. now owns a portfolio of 706 properties including 267 senior housing, 107 life science, 256 medical office, 25 hospital and 51 skilled nursing facilities.

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