HCP Acquires Partner's Interest in $860 Million JV
HCP (NYSE: HCP) announced that it has signed a definitive agreement to acquire its partner's 65% interest in a joint venture that owns 25 senior housing assets. Upon closing, HCP will become the sole owner of the portfolio. The assets were originally acquired on October 5, 2006, through HCP's acquisition of CNL Retirement Properties, Inc., and were contributed to the joint venture in January 2007.
HCP will pay approximately $137 million in cash for the interest and assume its partner's share of approximately $650 million of Fannie Mae debt secured by the assets in a transaction valuing the venture at $860 million. The acquisition is subject to customary closing conditions and is expected to close on or before January 31, 2011.
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