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HCP to Acquire Senior Housing Portfolio for $1.73 Billion

Emeritus Corporation has entered into a definitive agreement to sell 133 senior housing communities to HCP for $1.73 billion. The portfolio is currently owned by a joint venture between Emeritus and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group. Skadden is representing HCP Inc.

PRESS RELEASE

Skadden is representing Emeritus Corporation, which today announced it has entered into a definitive agreement to sell 133 senior housing communities to HCP, Inc. for $1.73 billion. The portfolio is currently owned by a joint venture between Emeritus and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group. Emeritus is the nation’s largest assisted living and memory care operator. More information can be found here.

HCP to Offer 22,000,000 Shares

Skadden is representing HCP Inc., which today announced that it has agreed to sell 22,000,000 shares of its common stock to Goldman, Sachs & Co. HCP intends to use the net proceeds of the offering to finance a portion of the purchase price for the acquisition of 133 senior housing communities from a joint venture between Emeritus Corporation and Blackstone Real Estate Partners VI. HCP is a fully integrated real estate investment trust that invests primarily in real estate serving the healthcare industry in the United States. More information can be found here.

Skadden partners leading both of these matters:

Joseph Coco, M&A and REIT Practices, New York

John Rayis, Tax Group and REIT Practice, Chicago

Peter Serating, M&A Practice, New York

Audrey Sokoloff, Real Estate and REIT Practices, New York

David Goldschmidt, Corporate Finance and REIT Practices, New York

Skadden’s REIT group has evolved into one of the most diverse practices of any law firm, with an interdisciplinary team of more than 80 lawyers practicing in 10 offices in five countries.