LONG BEACH, CA-The locally based healthcare REIT agrees to acquire 338 facilities from the Toledo, OH-based provider of post-acute services and launches a 31-million-share issue to pay for the deal.
By Bob Howard|December 14, 2010 at 05:43 PM
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LONG BEACH, CA-Locally based healthcare REIT HCP has agreed to acquire substantially all of the assets of Toledo, OH-based post-acute services provider HCR ManorCare Inc. for $6.1 billion and has launched a 40-million-share stock issue that is expected to raise $1.28 billion to pay for part of the deal, which is expected to close in the first quarter next year. The deal to buy the 338 facilities from HCR ManorCare comes on the heels of HCP’s $860 million definitive agreement to acquire partner CNL Retirement Properies Inc.’s 65% interest in a joint venture that owns 25 senior housing assets.
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