HCP to Buy $6.1 Billion of Real Estate from HCR ManorCare

Real estate investment trust HCP (HCP) agreed to buy $6.1 billion of real estate assets from HCR ManorCare Inc.

HCP said it will acquire 338 post-acute skilled nursing and assisted living facilities in 30 states, with the highest concentrations in Ohio, Pennsylvania, Florida, Illinois and Michigan.

HCR will continue to operate the assets pursuant to a long-term triple-net master lease.

The real estate investment trust will pay for the assets with $3.528 billion in cash, $1.72 billion reinvested from the payoff of HCP's existing debt investment in HCR and $852 million in HCP common stock issued directly to the shareholders of HCR.

HCP will also have an option to acquire a 9.9% stake in HCR for an additional $95 million.
Read Full Story
  • DJI27686.91-104.53-0.38%
    NASDAQ10782.82-185.53-1.69%
  • NIKKEI 22522843.9693.720.41%
    Hang Seng25244.02353.341.42%
    DAX12931.19-15.70-0.12%
  • USD (PER EUR)1.180.00260.22%
    USD (PER CHF)1.090.00320.29%
    JPY (PER USD)106.800.28800.27%
    GBP (PER USD)1.310.00010.00%

From Our Partners