The Firm is representing a joint venture between Emeritus Corporation (NYSE:ESC), Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, and others in connection with a sale of 142 senior housing communities to HCP (NYSE: HCP) and Emeritus for US$1.79 billion. As part of the transaction, Emeritus, the nation’s largest assisted living and memory care operator, will enter into a new triple-net, master lease for the properties acquired by HCP and continue to operate these communities. The portfolio of communities encompasses over 11,000 units in 31 states. The closing of this transaction is subject to regulatory approval and third party consents, as well as other customary closing conditions.
The Firm represented Blackstone in 2010 when it acquire the portfolio from affiliates of Sunwest Management which was then in bankruptcy.
The Simpson Thacher team includes Gregory Ressa, Erik Quarfordt, Whitney Roland, Sam Charlton, Charles Clinton and Michael Svetich (Real Estate), and John Hart and Seojung Park (Tax).
