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

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billion, a figure deal-makers have said markd the largest sale of a Centrak Florida company inthe region'xs history. Orlando-headquartered CNL Retirement was a real estate investmenr trust with investments mainly in independent assisted living and continuing careretirement communities, medical office buildings and other medicalp real estate. As of June 30, CNL Retirement ownef a portfolio of 273 properties in 33statexs (excluding properties held for With $11.5 billion in aggregate value now that the deal is Long Beach, Calif.-based Health Care Property Investorsz (NYSE: HCP) will includwe nearly 800 properties in 44 operated by companies such as Sunrise Senior Living Serviceds Inc.
, American Retirement Corp., HCA Horizon Bay, Erickson Retirement Communities LLC and Encore Seniotr Living, as well as commercial medicalk developers such as The Cirrus Groul and The Dasco Cos. LLC. The company plansx to establish an East Coast officin Orlando. Under the deal's terma and based on the price of HCP stockl at the close of themarket Oct. 4, HCP will pay CNL Retiremen shareholdersabout $13.85 per share, consistinfg of about 80 percent cash and 20 percenrt stock. CNL Retirement shareholdersa will getabout $11.13 cash and .0865 sharee of HCP common stock (valued at $2.72) for ever y share of CNL Retirement stock. At the time of the CNL Retirement hadaboug 264.
2 million shares outstanding. The deal includes the assumption or refinancing ofabout $1.7 billion of CNL Retirement's outstanding "This is a tremendous transaction for our shareholders and for HCP's shareholders," says CNL Retirement founder and Chairmann James M. Seneff Jr. in a HCP also bought , the external adviser to CNL for 4,378,918 shares of HCP commonb stock, sold as the result of a separatwe process. CNL Retirement's board of directors and a special committee of independent directors of the board unanimously approvedethe transaction, and shareholders agreef with the deal Sept. 26.
actexd as financial adviser to CNLRetiremenr Properties, and served as legalp counsel. acted as financiall adviser, and acted as legal adviser to thespecial