IRVINE, CA – HCP announced that it has completed the sale of a portfolio of 64 triple-net assets leased to Brookdale Senior Living to affiliates of Blackstone Real Estate Partners VIII L.P. at the previously announced aggregate sales price of $1.125 billion.
“This transaction represents another significant step toward executing on our strategic priorities of reducing Brookdale concentration, improving lease coverage, and strengthening our balance sheet and credit profile,” said Tom Herzog, Chief Executive Officer of HCP. “We value our relationships with Brookdale and Blackstone, and look forward to continuing to work with them.”
HCP expects to record a gain of approximately $165 million on the sale of the 64 triple-net assets and intends to use the proceeds primarily to pay down debt and for general corporate purposes.
HCP, Inc. is a fully integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States. HCP owns a large-scale portfolio diversified across multiple sectors, led by senior housing, life science and medical office.