HCP Acquires Housing Portfolio and Announces Share Offering

Skadden is representing Emeritus Corporation in its $1.73 billion sale of 133 senior housing communities to HCP, Inc., an S&P 500 health care REIT. The real estate portfolio is owned by a joint venture between Emeritus and Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group. Emeritus is the nation’s largest assisted living operator. Skadden also is representing HCP in its sale of 22 million shares of common stock to Goldman Sachs to finance a portion of the acquisition. Both deals were announced on October 16.