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

Markets

DJIA 24,883.13 -434.28 -1.72%
NASDAQ 7,293.68 -174.95 -2.34%
NIKKEI 225 22,010.78 -604.04 -2.67%
HANG SENG 25,346.55 -806.60 -3.08%
DAX 11,259.61 -264.73 -2.30%
USD (per EUR) 1.15 0.00 0.17%
JPY (per USD) 112.21 -0.54 -0.48%
GBP (per USD) 1.30 0.00 0.17%
USD (per CHF) 0.99 0.00 -0.17%