A for profit now becomes a not for profit facility, and Tenet subsidiary sells it’s interest in joint venture with HCP. BD
A Tenet subsidiary purchased the 245-bed Tarzana campus of Encino-Tarzana Regional Medical Center from HCP, and simultaneously sold it to Providence Health & Services -- California. These events complete the previously disclosed transaction announced on July 1, 2008. The related sale of the Encino campus closed on June 2, 2008.
Also, a Tenet subsidiary sold its interest in a joint venture with HCP. The proceeds of the sales, which were not disclosed, will be used for general corporate purposes.
HCP, an S&P 500 company, focuses on properties serving the healthcare industry. The healthcare industry is growing and is expected to represent 16.6% of U.S. Gross Domestic Product (GDP) in 2008(1).
Established in 1985, HCP is a publicly traded company (NYSE:HCP) with $13.2 billion(2) in assets under management as of June 30, 2008. HCP’s management team, with an array of experience in real estate acquisition, portfolio management and development, actively manages our holdings. Our portfolio includes 706 properties located in 43 states and Mexico, as well as mezzanine loans and other debt instruments, distributed among distinct sectors of healthcare including: senior housing, medical office, life science, hospital and skilled nursing.
Providence Health & Services is a not-for-profit health system committed to providing a comprehensive array of services to meet the needs of communities across five states, including Alaska, Washington, Montana, Oregon and California. Providence continues the legacy of the Sisters of Providence and the Sisters of the Little Company of Mary in the West spanning more than 150 years.
Providence Health & Services includes 26 hospitals, more than 35 non-acute facilities, physician clinics, a health plan, a liberal arts university, a high school, approximately 45,000 employees and numerous other health, housing and educational services. The system office is located in Seattle, Washington.