Real estate investment trust HCP announced that it closed on a deal to buy substantially all of the real estate assets of post-acute-care provider HCR ManorCare, Toledo, Ohio, for $6.1 billion, and exercised an option to purchase 9.9% of ManorCare for $95 million.
HCP completes HCR ManorCare purchase
The deal, announced Dec. 13, includes 334 facilities that under a long-term lease will be continue to be operated by HCR ManorCare, which manages skilled-nursing and rehabilitation centers, assisted-living facilities, outpatient rehabilitation clinics, and hospice and home health care agencies in 32 states. HCP financed the deal with debt and equity offerings and also announced in December that it would retire $1.72 billion of HCR ManorCare debt it owned as part of the transaction.
Earlier this week, Health Care REIT, Toledo, Ohio, announced the closing of a similar deal in which it purchased substantially all the real estate assets of Genesis HealthCare, Kennett Square, Pa., for $2.4 billion.
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