Brookdale, Healthpeak Complete $790M in Transactions

Three previously announced transactions between Brookdale Senior Living and real estate investment trust Healthpeak Properties (formerly HCP Inc.) were finalized as of Jan. 31, Brookdale said Monday. Irvine, CA-based Healthpeak acquired Brentwood, TN-based Brookdale’s 51% equity interest in 14 entry-fee continuing care retirement communities, resulting in more than $285 million in net cash proceeds, Brookdale said. Healthpeak also paid Brookdale a $100 million management termination fee. The REIT now has a 100% ownership interest in the communities, management of which it previously said would be taken over by Des Moines, IA-based Life Care Services. Additionally, the country’s largest senior living company bought 18 formerly leased communities from Healthpeak for $405 million.

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