Emeritus to buy out Blackstone in senior living JV

Emeritus Corp. agreed to pay $99 million to take full ownership pf 24 properties it jointly owns with Blackstone Group LP's real estate arm, Reuters reported. The transaction values the properties at $310 million, factoring in debt reduction and incentives for rising cash flows, Emeritus said. Emeritus is a Seattle, Wash.-based provider of assisted-living housing. Emeritus and Blackstone acquired the properties for $190 million in 2007, with Blackstone picking up an 81 percent stake.

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