Irvine, CA-based HCP, a fully integrated real estate investment trust that invests primarily in real estate serving the healthcare industry in the US, has closed on the sale of its Tandem mezzanine loan investment to Fundamental Advisors LP, a leading alternative asset manager, for $112 million.
According to Scott Brinker, the REIT’s CIO, with this sale, and the recently revealed agreement to transition management on 24 HCP-owned senior housing communities from Brookdale to Atria, “we’re making excellent progress executing on our key 2018 objectives.”
HCP intends to use proceeds from the disposition to repay debt and for general corporate purposes.
HCP owns a large-scale portfolio diversified across life science, medical office and senior housing. Recognized as a global leader in sustainability, HCP has been a publicly-traded company since 1985 and was the first healthcare REIT selected to the S&P 500 index.