REIT Forms Senior Housing JV

Health Care Property Investors Inc., Long Beach, Calif., has announced the formation of a joint venture with an institutional capital partner for 25 senior housing assets.The real estate investment trust said it bought the assets in October through its acquisition of CNL Retirement Properties Inc. and retains a 35% interest in the venture, while continuing to perform the day-to-day management of the assets. The REIT said it received gross proceeds of approximately $726 million, of which approximately $280 million came from the unnamed institutional capital partner and $446 million came from a recently expanded debt facility with Fannie Mae. The company can be found online at http://www.hcpi.com.