(RTTNews) - Long Beach, California-based REIT Health Care Property Investors, Inc. (HCP) revealed early Monday its definitive deal to buy Slough Estates USA Inc., the U.S.-based life sciences real estate business of Segro plc (SGRO.L), for a total cash consideration of $2.9 billion or GBP 1.5 billion, including the assumption or refinancing of about $1.2 billion of debt. In a separate communiqu?, Segro said that the proposed disposal of Slough Estates is after a highly competitive auction process following its strategic review of the U.S. business, which was announced in November 2006. The Boards of Directors of both companies have unanimously approved the deal, which is expected to close in the third quarter of 2007. The companies also said the transaction is subject to Segro shareholders' approval and other customary conditions.
Health Care Property pointed out that the total consideration is subject to adjustment based on Slough Estates' net assets at closing. In connection with the deal, the company has obtained a financing commitment for a $3 billion bridge loan.
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