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HCP to Spin Off HCR ManorCare Into Publicly Traded REIT
- Client News
- May 9, 2016
As reported in The Wall Street Journal, Reuters and other media outlets, Paul, Weiss client HCP announced that its board of directors has unanimously approved a plan to spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. Following the completion of the spin-off, HCP's diversified portfolio is expected to consist of more than 860 properties, generating annual portfolio income of approximately $1.4 billion.
The Paul, Weiss team included, among others, corporate partner Robert Schumer and counsel Nathan Sawyer; employee benefits partner Lawrence Witdorchic and counsel Reuven Falik; tax partner Scott Sontag; real estate partners Harris Freidus and Salvatore Gogliormella; litigation partner Daniel Kramer; and bankruptcy counsel Diane Meyers.