Brookdale Completes Transaction With Blackstone

March 30, 2017

NASHVILLE–Brookdale Senior Living Inc. (NYSE:  BKD) today announced that it has completed its previously announced transaction with affiliates of Blackstone Real Estate Partners VIII L.P. (collectively “Blackstone”) to acquire a 15% ownership interest in a joint venture that acquired a portfolio of 64 communities formerly leased to Brookdale by HCP, Inc. (“HCP”).

At the closing, Blackstone purchased the 64-community portfolio from HCP subject to the existing leases, and Brookdale and Blackstone formed a joint venture into which Blackstone contributed the portfolio and into which Brookdale contributed a total of approximately $180 million to purchase a 15% equity interest in the joint venture, terminate leases and fund its share of closing costs.