Brookdale Senior Living, HCP Close Multiple-element Transaction

(RTTNews) - Brookdale Senior Living (BKD) and HCP Inc. (HCP) Tuesday announced the closing of their previously disclosed multiple-element transaction.

This includes the creation of a $1.2 billion strategic joint venture initially owning a portfolio of 14 entry fee CCRCs, and amendments to the triple-net leases on 202 HCP-owned senior housing communities formerly operated by Emeritus Corp., which was acquired by Brookdale in July.

As announced earlier, concurrent with the closing, HCP invested $324 million of cash into the CCRC joint venture, which was used to acquire four communities representing four of the 14 campuses that initially constitute the venture. Brookdale will continue to manage the communities in the CCRC portfolio.