Blackstone Real Estate Partners VIII and Brookdale Senior Living are jointly investing in a US retirement portfolio.
The joint venture, in which Blackstoneβs latest opportunistic fund β for which the manager raised $15.8bn in October last year β has an 85% stake, will hold 64 assets leased to Brookdale.
US healthcare REIT HCP is selling the portfolio for $1.125bn, and the deal is expected to close early next year.
Mike McKee, chief executive at HCP, said the sale was part of βseveral important strategic prioritiesβ for HCP, including reducing its Brookdale concentration and improving the lease coverage of its senior housing portfolio and diversifying operator relationships.
In addition to holding a 15% stake, Brookdale will manage the 5,927 units.
Andy Smith, Brookdaleβs president and chief executive, said the deal should boost the companyβs returns on invested capital and βsignificantly improveβ cash flow, while reducing lease leverage.
