November 2, 2016
Blackstone and Columbia Pacific Advisors acquired 64 senior living properties from HCP, in a transaction scheduled to close during Q1 2017. Blackstone dipped into its latest opportunistic fund, Blackstone Real Estate Partners VIII, to pay the $1.1 billion for the assets, which are currently leased to Brookdale Senior Living.
In a separate transaction, Brookdale Senior Living agreed to acquire a 15% interest in the portfolio from the new owners for $170 million, and will continue to manage the properties.
“These are folks that know this space very, very well and they’re shrewd investors and I think it shows a confidence over time in the senior housing space that they would be stepping up to this,” said Michael McKee, HCP’s chief executive.
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