Health care real estate investment trust HCP Inc. has completed a $1.47 billion public offering of 46 million shares, proceeds of which will be used to help pay for a recently announced acquisition.
The Long Beach REIT, which owns more than 670 health care properties, late Monday said that the sale was priced at $32 a share. It included 6 million shares sold to underwriters to cover any overallotments.
HCP Inc. last week announced that it would buy all the real estate assets of HCR ManorCare, a Toledo, Ohio-based operator of more than 300 rehabilitation and nursing facilities, in a deal valued at $6.1 billion. HCP will lease back the facilities to HCR.
Shares were up 41 cents, or 1.2 percent, to $35.55 in midday trading on the New York Stock Exchange.
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