HCP Closes Acquisition of $1.7 Billion Senior Housing Portfolio

LONG BEACH, Calif.--(BUSINESS WIRE)--HCP (NYSE: HCP) closed the acquisition of 127 of the 133 senior housing communities which HCP previously announced that it would acquire from a joint venture between Emeritus Corporation (“Emeritus”) (NYSE: ESC) and Blackstone Real Estate Partners VI, an affiliate of Blackstone (the “Blackstone JV”). As part of this acquisition, HCP entered into triple-net master leases with Emeritus, the nation’s largest assisted living and memory care operator, who will continue to operate the communities. HCP expects to close the remaining six communities during the fourth quarter after receipt of applicable third party consents.