Long Beach Health Care Property REIT acquires Florida rival.Health Care Property Investors Inc. says that it plans to buy another health care real estate investment trust in a $3.5 billion cash-and-stock deal that would create the nation's largest public REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). specializing in health care properties. Long Beach-based Health Care Property will pay $13.50 for each share of Orlando, Fla.-based CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) Retirement Properties Inc. The company also will assume or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. about $1.6 billion of CNL's debt, raising the total value of the transaction to $5.2 billion. A separate management company, CNL Retirement Corp., also is being purchased by HCP HCP, n healthcare provider, a professional who specializes in treating and managing a person's general or specific health needs. for 4.4 million shares of Health Care Property stock, or around $120 million. Each acquisition is conditioned on the consummation of the other. Health Care Property shares were down 2.4 percent to $26.20 last week. CNL owns about 262 properties in 33 states, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. year-end figures. Following the purchase, which the company expects to close in the third quarter, Health Care Property 44 states. That would be the nation's largest portfolio of independent and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities, health-care facilities and medical office buildings. "This transaction takes HCP to the next level and dramatically alters the healthcare real estate industry landscape," Chief Executive James F. Flaherty III said in a statement. The boards of beth companies have approved the acquisition, which still requires approval by CNL shareholders. At the time of the closing, CNL shareholders would receive for each of their shares $11.13 cash and 0.0865 of a share of Health Care Property common stock. |
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