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HCP closes $1.13B sale of 64-property portfolio to Blackstone

HCP Inc. wrapped up the roughly $1.13 billion sale of a 64-community portfolio, saying it expects to book a gain of about $165 million on the sale.

The company sold the portfolio to affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII LP. The properties are leased to Brookdale Senior Living Inc.

HCP said it plans to use the sale proceeds mainly to trim debt and for general corporate purposes.