Paul Weiss Guides HCP In $1.7B Senior Housing Portfolio Deal

Law360, New York (October 17, 2012, 2:06 PM EDT) -- A joint venture of Emeritus Corp. and a unit of The Blackstone Group LP has agreed to sell its massive senior housing portfolio to real estate investment trust HCP Inc. for $1.73 billion, in a complex lease-back deal that will be financed partly by a stock sale, the companies announced late Tuesday.

Using a mix of equity and debt to finance the deal, HCP plans to prepay most of the existing in-place secured debt on some of the properties, it said. Along with the acquisition, the...
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