HCP has completed the sale of a portfolio of 64 triple-net assets leased to Brookdale Senior Living to affiliates of Blackstone Real Estate Partners VIII L.P. at the previously announced aggregate sales price of $1.125 billion, the real estate investment trust said Wednesday.

“This transaction represents another significant step toward executing on our strategic priorities of reducing Brookdale concentration, improving lease coverage and strengthening our balance sheet and credit profile,” said Tom Herzog, CEO of HCP. “We value our relationships with Brookdale and Blackstone and look forward to continuing to work with them.”

HCP said it expects to record a gain of approximately $165 million on the sale of the communities and intends to use the proceeds mainly to pay down debt and for general corporate purposes.

Update: Thursday, Brookdale said it has completed its previously announced transaction with affiliates of Blackstone Real Estate Partners VIII L.P. to acquire a 15% ownership interest in a joint venture that purchased a portfolio of 64 communities formerly leased to Brookdale by HCP. At the closing, Blackstone bought the portfolio from HCP, subject to the existing leases, and Brookdale and Blackstone formed a joint venture into which Blackstone contributed the portfolio and into which Brookdale contributed approximately $180 million to purchase a 15% equity interest in the joint venture, terminate leases and fund its share of closing costs.