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

Before you go, we thought you'd like these...
Before you go close icon
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

S&P 500 2,265.20 -6.11 -0.27%
DJIA 19,799.85 -27.40 -0.14%
NASDAQ 5,552.94 -2.39 -0.04%
DAX 11,545.75 -84.38 -0.73%
HANG SENG 22,969.32 70.80 0.31%
NIKKEI 225 18,808.31 -82.72 -0.44%
USD (per EUR) 1.08 0.00 -0.06%
USD (per CHF) 1.00 0.00 0.01%
JPY (per USD) 112.97 0.19 0.17%
GBP (per USD) 1.25 0.00 -0.06%

From Our Partners