Brookdale and HCP partner in a $1.2 billion CCRC joint venture
Brookdale Senior Living, a long-term care provider, and real estate investment trust HCP are partnering in a deal involving 14 entry fee continuing care retirement communities (CCRCs). Brookdale will continue to operate these properties and will own a slight majority of the venture (52 percent).
Brookdale currently has a $2.8 billion acquisition pending with Emeritus Senior Living Corp. When the deal is completed later this year, Brookdale will be the largest senior living company in the country.
Part of the new joint venture will be to amend the leases of more than 200 leases operated by Emeritus and owned by HCP.
Sandra Hoban was on I Advance Senior Care / Long-Term Living’s editorial staff for 17 years. She is one of the country’s longest-serving senior care journalists. Before joining Long-Term Living, she was a member of the promotions department at Advanstar Communications. In addition to her editorial experience, Sandi has served past roles in print and broadcast advertising as a traffic and talent coordinator.
Topics: Finance , Housing , Leadership