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HCP to Spin off ManorCare into Independent REIT
HCP will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into SpinCo, an independent, publicly-traded REIT. SpinCo expects to file its initial Form 10 registration with the Security and Exchange Commission (SEC) in the next 30 days.
The spin-off is expected to be completed in the second half of this year. SpinCo’s portfolio will consist of more than 320 properties.
Following the spin-off’s completion, HCP’s portfolio will consist of more than 860 properties, consisting of senior housing, life science and medical office real estate. According to Lauralee Martin, president and chief executive officer, the spin-off means HCP will be able to focus on high-growth healthcare sectors for investment.
- ◦Financing
