Carlyle-backed HCR ManorCare Sells Real Estate Assets

Assisted living company HCR ManorCare, which is owned by the Carlyle Group, is selling the majority of its real estate holdings to HCP Inc., a real estate investment trust, in a $6.1 billion sale and leaseback deal, Reuters reported. Under the terms of the deal, HCP will pay $3.53 billion in cash, $1.72 billion reinvested from the payoff of HCP's existing debt investments in HCR ManorCare, and $852 million in HCP common stock issued directly to HCR shareholders, Reuters reported. In total, HCP will buy 338 nursing and assisted living facilities across 30 states. HCR ManorCare will continue to run the facilities.

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