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Apollo Global to Pay $428M for Brookdale Senior Living Portfolio
Apollo Global Management has struck a deal with HCP Inc. to buy a 22-property seniors housing portfolio for $428 million. The New York buyer will end up with a collection of properties managed by Brookdale Senior Living Inc.
HCP, headquartered in Irvine, CA, has been selling its seniors housing assets in an attempt to strengthen its balance sheet and reduce its lease exposure to Brookdale. During the past 18 months, the REIT sold 49 seniors housing assets to a group led by Columbia Pacific Advisors LLC, and six properties back to Brookdale; both transactions closed for $812 million. HCP also sold 64 Brookdale properties, totaling 5,697 units, to Blackstone Group LP for $1.13 billion.
The current transaction is scheduled to close in Q3 2018.
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- ◦Sale/Acquisition
