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HCP announces $1.13bn property portfolio sale to Brookdale

Staff Writer | November 2, 2016
HCP will sell a portfolio of 64 properties leased to Brookdale Senior Living for $1.125 billion to affiliates of Blackstone Real Estate Partners VIII.
Selling   To pay down debt
HCP intends to use the proceeds primarily to pay down debt and for general corporate purposes. In addition, HCP and Brookdale have agreed to complete several other transactions.

Combined, these transactions will advance company's strategic priorities to reduce Brookdale concentration, improve lease coverage, diversify company's operator relationships and strengthen company's balance sheet and credit profile.