Brookdale, HCP to create $1.2 billion CCRC venture

Brookdale and real estate investment trust HCP Inc. have announced plans to create a $1.2 billion continuing care retirement community joint venture.

The deal means the companies will own 14 CCRCs, with Brookdale managing the properties. The portfolio, primarily in Florida, includes about 7,000 units that are independent living, assisted living, skilled nursing and memory care.

Brookdale will own 51% of the venture, while HCP will own 49%. Brookdale will bring eight campuses to the table while HCP will contribute three HCP-owned properties leased to Brookdale, and $334 million in cash. In turn, that money will be used to buy four centers managed by Brookdale that are owned by third parties