Health Care Property Investors Inc. said on Thursday that it has closed its purchase of a Florida health care real estate investment trust in a $5.3 billion deal that transforms the company into the nation’s largest public REIT specializing in health care properties.

With its acquisition of Orlando-based CNL Retirement Properties Inc., the Long Beach REIT’s portfolio grows to 807 properties in 44 states, from 534 properties in 42 states. The company specializes in independent and assisted living communities, healthcare facilities and medical office buildings.

In the merger, each share of CNL Retirement common stock was converted into the right to receive a cash payment of $11.1293 and 0.0865 of a share of Health Care Property common stock. The company assumed or refinanced approximately $1.7 billion of CNL’s debt.

In connection with the transaction, Health Care Property obtained new bridge, term and revolving credit facilities providing for aggregate borrowings of up to $3.4 billion with a syndicate of banks.

As part of the deal, a subsidiary of Health Care Property also merged with CNL Retirement Corp., its external advisor.