HCP Closes $6.1B Acquisition of HCR ManorCare's Real Estate Assets

HCP HCP announced that it closed the acquisition of 334 post-acute, skilled nursing and assisted living facilities of HCR ManorCare for a total consideration of $6.1 billion in cash. In connection with the closing, HCP entered into a long-term triple-net master lease under which HCR ManorCare will continue to operate the facilities. Additionally, HCP exercised its option to purchase an equity interest in the operations of HCR ManorCare for $95 million, which represents a 9.9% equity interest at closing. HCR ManorCare, based in Toledo, Ohio, is widely recognized as a leading provider of short-term post-acute services and long-term care.