Health Care Property Investors completes CNL Retirement buy - Orlando Business Journal:

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billion, a figure deal-makers have said marks the largesgt sale of a Central Floridaa company inthe region's history. Orlando-headquartered CNL Retirement was a real estatr investment trust with investments mainly inindependentg living, assisted living and continuing care retirement communities, medicalk office buildings and other medical real estate. As of June 30, CNL Retiremenrt owned a portfolio of 273 propertiexs in 33states (excluding properties held for sale). With $11. 5 billion in aggregate value now that the deal is Long Beach, Calif.
-based Health Care Property Investorsz (NYSE: HCP) will include nearly 800 properties in 44 operated by companies such as Sunrises Senior Living Services Inc., American Retirement HCA Inc., Horizon Bay, Erickson Retirement Communities LLC and Encor Senior Living, as well as commerciapl medical developers such as The Cirrus Group and The Dascol Cos. LLC. The company plans to establish an East Coasf officein Orlando. Under the deal's terms and based on the price of HCP stocmk at the close of themarke Oct. 4, HCP will pay CNL Retirement shareholderxsabout $13.85 per share, consistinf of about 80 percent cash and 20 percengt stock. CNL Retirement shareholders will getabout $11.1w cash and .
0865 shares of HCP common stock (valuee at $2.72) for every sharee of CNL Retirement stock. At the time of the CNL Retirement hadabout 264.2 million shares outstanding. The deal include s the assumption or refinancing ofabout $1.7 billionm of CNL Retirement's outstanding debt. "This is a tremendous transactiob for our shareholders andfor HCP's says CNL Retirement founder and Chairman James M. Senef Jr. in a statement. HCP also bought , the externak adviser to CNL Retirement, for 4,378,9187 shares of HCP common stock, sold as the resulty of a separate process.
CNL Retirement'w board of directors and a speciap committee of independent directors of the board unanimously approvedthe transaction, and shareholderx agreed with the deal 26. acted as financial advisedr to CNLRetirement Properties, and served as legal counsel. actedd as financial adviser, and acted as legal adviser to thespecial committee.