NASHVILLE, Tenn., March 30, 2017 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) today announced that it has
completed its previously announced transaction with affiliates of
Blackstone Real Estate Partners VIII L.P. (collectively
"Blackstone") to acquire a 15% ownership interest in a joint
venture that acquired a portfolio of 64 communities formerly leased
to Brookdale by HCP, Inc. ("HCP"). At the closing, Blackstone
purchased the 64-community portfolio from HCP subject to the
existing leases, and Brookdale and Blackstone formed a joint
venture into which Blackstone contributed the portfolio and into
which Brookdale contributed a total of approximately $180 million to purchase a 15% equity interest in
the joint venture, terminate leases and fund its share of closing
costs.
About Brookdale Senior Living
Brookdale Senior Living Inc. is the leading operator of senior
living communities throughout the United States. The Company
is committed to providing senior living solutions primarily within
properties that are designed, purpose-built and operated to provide
the highest-quality service, care and living accommodations for
residents. Brookdale operates independent living, assisted
living, and dementia-care communities and continuing care
retirement centers, with approximately 1,055 communities in 47
states and the ability to serve approximately 103,000 residents as
of December 31, 2016. Through
its ancillary services program, the Company also offers a range of
outpatient therapy, home health and hospice services.
Brookdale's stock is traded on the New York Stock Exchange under
the ticker symbol BKD.
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SOURCE Brookdale Senior Living Inc.