Blackstone Grabs 64 Senior Housing Properties From HCP For $1.1B
Blackstone Group's real estate investment arm, Blackstone Real Estate Partners VIII, has agreed to buy a portfolio of 64 senior housing properties containing 5,967 housing units from healthcare REIT HCP for about $1.1B.
That brings the total price per unit to $189k. As part of the deal Brookdale Senior Living, to whom the properties are leased, has entered into a joint venture with Blackstone for $170M to acquire a 15% ownership interest while continuing to manage the units, CoStar reports. HCP says it will use its $160M profit from the sale to pay down debt and cover corporate expenses.
This sale largely completes a series of strategic initiatives undertaken by HCP to boost growth by reducing the firm’s exposure to skilled-nursing facilities and selling off underproducing, non-strategic assets. [CoStar]
