Health Care REIT Inc. acquisition of the Sunrise Senior Living Finalized
Health Care REIT Inc. said Wednesday that it completed its acquisition of the Sunrise Senior Living Inc. property portfolio, the
sale of Sunrise’s management company and the acceleration of all planned joint venture partner buy-outs.
Sunrise Senior Living Inc.’s website showed three Louisiana sites: two in Baton Rouge and one in Metairie.
The Toledo, Ohio, real estate investment trust that invests in senior housing and health-care real estate said it has so far spent $3.4 billion on the acquisition.
That amount is expected to rise to $4.3 billion by July when the company exercises its rights to acquire additional joint venture partner interests at fixed purchase prices.
The investment is expected to include 120 wholly owned properties and five joint venture properties concentrated in affluent areas of London, Southern California, Chicago, Philadelphia, Boston, Washington, D.C., and Montreal.
Immediately before the acquisition of the Sunrise properties, an entity led by the investment firms Kohlberg Kravis Roberts & Co. LP and Beecken Petty O’Keefe & Co. acquired the Sunrise management company for about $130 million.
The deal included a Health Care REIT investment of about $26 million for a 20 percent ownership interest, the company said.