Assisted-living community owner Emeritus Corp. (NYSE: ESC) has entered into an agreement under which it and HCP Inc. (NYSE: HCP) will acquire 142 senior housing communities for almost $1.8 billion.
The communities are currently owned by a joint venture comprised of Emeritus, affiliates of Blackstone Real Estate Partners VI, certain tenants and an investment fund affiliated with Dan Baty, Blackstone’s chairman.
HCP will pay $1.7 billion for 133 of the communities and Emeritus will acquire nine communities for $62 million. HCP, based in Long Beach, Calif., invests mainly in real estate.
Seattle-based Emeritus, which was already operating the communities, will continue to operate them.
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