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Brookdale buys stake in $1.13B HCP portfolio

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Brookdale buys stake in $1.13B HCP portfolio

Brookdale Senior Living Inc. said it completed the acquisition of a 15% interest in the joint venture that bought a portfolio of 64 communities.

Brookdale contributed approximately $180 million to acquire the stake, terminate leases and fund its share of closing costs. The portfolio was formerly leased to Brookdale.

Affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII LP recently closed the roughly $1.13 billion acquisition of the portfolio from HCP Inc.