HCP, Inc. (NYSE: HCP) just announced that Justin Hutchens, elected president of the REIT in January, will be leaving to be CEO of HC-One, one of the largest care home providers in the United Kingdom with more than 300 properties. A little over two years ago, Formation Capital Safanad and Court Cavendish purchased healthcare property group NHP, which included the HC-One portfolio. Funding for that acquisition just happened to come from HCP, to the tune of about $630 million. In addition, it subsequently purchased 36 HC-One properties. So, HC-One and HCP are no strangers, and we believe that this did not come out of the blue, and that the HC-One investors decided that perhaps it was time to bring in some new blood. Hutchens, with a strong operating background and nearly 10 years in the REIT world, two of which at HCP and before that as CEO of National Health Investors (NYSE: NHI), seemed to fit the bill. But leaving sunny California (we assume) for Darlington in northern England? Well, he is only 42 after all, so there is plenty of time for a return encore.
Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
