The Firm is representing Blackstone Real Estate Partners VIII in connection with the announced purchase of a portfolio of 64 senior living properties located in 19 states from HCP, Inc. (NYSE: HCP) for $1.125 billion. The transaction also includes the formation of a joint venture between Blackstone and Brookdale Senior Living Inc. (NYSE: BKD) to own and operate the portfolio. Completion of the transaction is scheduled to occur in the first quarter of 2017.
HCP is a California-based real estate investment trust that invests primarily in real estate serving the healthcare industry. The company’s portfolio of assets is diversified among five sectors including senior housing, post-acute/skilled nursing, life science, medical office and hospitals.
Brookdale is the country’s largest owner and operator of senior living communities in the United States, and a leading provider of senior living services.
The Simpson Thacher team includes Greg Ressa, Davis Coen, Julie Lee, Molly Wolfe, Elliot Schwab, Aryeh Goldman and Robert Vogel (Real Estate); Nancy Mehlman and Taylor Weinstein (Tax); and Gregory Grogan, Andrew Kofsky and Andrew Blau (Executive Compensation and Employee Benefits).