BX another big profil..maybe a nice extra dividrnd
Blackstone GroupBX +1.52% has more than doubled the investment it made on a group of assisted-living properties it bought in 2010 at a bankruptcy auction.
HCP Inc., HCP +0.88% a real-estate investment trust that focuses on health-care properties, has agreed to pay $1.8 billion to acquire the 142 facilities from Blackstone and its partner, Emeritus Corp., ESC -0.04% which will continue to operate the communities and hold a small stake, the firms said.
The properties had been owned by Sunwest Management Inc., once one of the largest assisted-living companies in the U.S.
Investors who accepted the firm's offer to stay in the deal took away a small profit.
Blackstone, meanwhile, received $540 million for its $220 million investment, according to people familiar with the deal.