Paul, Weiss client HCP announced that it has entered into a
definitive agreement to acquire 133 senior housing communities for
$1.73 billion, from a joint venture between Emeritus Corporation
and Blackstone Real Estate Partners VI, an affiliate of The
Located in 29 states, the portfolio encompasses 10,350 units
representing a diversified mix of assisted living, independent
living, memory care and skilled nursing housing. Concurrent with
HCP's acquisition, Emeritus will purchase nine remaining properties
from the Blackstone JV, for which HCP has agreed to provide secured
debt financing of $52 million.
The Paul, Weiss team advising on the transaction included
corporate partners Justin Hamill, John Kennedy
Schumer and counsel Didier Malaquin; real estate partner
Freidus and counsel Andrew Wurzburger; tax partner Jeffrey
Samuels and counsel Alyssa Wolpin; and environmental
counsel William O'Brien.