Brookdale Senior Living Forms Major JV With Blackstone
Brentwood-based Brookdale Senior Living is forming a JV with affiliates of New York City-based Blackstone Real Estate Partners, which will buy a portfolio of 64 properties leased to Brookdale by HCP Inc.
Brookdale will invest $170M in the JV and will receive a 15% stake, the Nashville Business Journal reports. Brookdale will manage the facilities on behalf of the JV.
Blackstone, for its part, will pay HCP more than $1.1B for the portfolio. As part of the deal, Brookdale agreed to terminate its leases on 33 underperforming facilities owned by HCP. [NBJ]