Health Care Property Investors, Long Beach, Calif., the nation's largest healthcare real estate investment trust, will acquire CNL Retirement Properties, Orlando, Fla., the nation's third-largest healthcare REIT, for approximately $5.2 billion, including the assumption of about $1.6 billion in debt. The deal, which values CNL Retirement shares at $13.50 each, is expected to close by the end of the third quarter. Officials said the acquisition will give HCP the nation's largest portfolio of independent- and assisted-living communities, healthcare facilities and medical office buildings, amounting to nearly 800 properties in 44 states. The transaction "dramatically alters the healthcare real-estate industry landscape," HCP Chairman and Chief Executive Officer James Flaherty said in a news release. -- by Cinda Becker
Largest healthcare REIT to acquire rival for $5.2 billion
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