Blackstone Real Estate Partners VIII and Brookdale Senior Living are jointly investing in a US retirement portfolio.
The joint venture, in which Blackstone鈥檚 latest opportunistic fund 鈥� for which the manager raised $15.8bn in October last year 鈥� 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 鈥渟everal important strategic priorities鈥� 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, Brookdale鈥檚 president and chief executive, said the deal should boost the company鈥檚 returns on invested capital and 鈥渟ignificantly improve鈥� cash flow, while reducing lease leverage.
