LONG BEACH, California (

TheStreet

) --

HCP

(HCP) - Get Report

signed a deal to acquire most of the real estate assets of privately owned

HCR ManorCare

for $6.1 billion.

HCP, the health care real estate investment trust, will buy 338 post-acute, skilled nursing and assisted living facilities in 30 states from private-equity group Carlyle, which owns HCR ManorCare. HCR ManorCare will continue to operate the assets under a long-term lease agreement.

HCP will pay $3.53 billion in cash, $1.72 billion reinvested from the payoff of HCP's existing debt investments in HCR ManorCare, and $852 million in HCP common stock issued directly to HCR ManoCare shareholders.

HCR ManorCare also will grant HCP an option to acquire a 9.9% interest in HCR ManorCare for an added $95 million.

The deal is expected to close late in the first quarter of 2011.

-- Written by Joseph Woelfel

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Joseph Woelfel

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