Last Updated: September 14, 2012 09:52am ET <\/p>\n
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TOLEDO-In conjunction with its recent announcement of a definitive agreement to acquire Sunrise Senior Living Inc., Health Care REIT Inc. took the next step toward ownership of the McLean, VA-based company; spinning off Sunrise Senior Living Management Co. to Kohlberg Kravis Roberts & Co. LP; Beecken Petty O'Keefe & Co. and Coastwood Senior Housing Partners LLC. The trio will acquire Sunrise Senior Living's management component for approximately $130 million, with Health Care REIT kicking in an additional $26 million to acquire a 20% interest in the new entity. <\/p>\n
The acquisition will include existing Sunrise management contracts covering 282 communities (including the 125 communities to be acquired by Health Care REIT); leasehold interests in 15 communities and 12 development parcels. The management partnership will continue handling operations and personnel under the Sunrise brand. Following the completed sale of the Sunrise management company, Health Care REIT will proceed with its acquisition of Sunrise Senior Living. <\/p>\n
The acquisition of the management business by a partnership with substantial expertise in both health care and real estate, that includes KKR, BPOC and Coastwood, powerfully endorses the Sunrise value proposition, comments Health Care REIT chairman and CEO George L. Chapman in a press release. The backing of Sunrise management ensures a stable and growing management platform that aligns perfectly with our long-term value creation expectations. <\/p>\n
Health Care REIT entered into a definitive agreement in late August to acquire Sunrise Senior Living's outstanding common stock at a cost of close to $2 billion. At the time of the acquisition announcement, executives with Health Care REIT indicated that the management company would be sold to a third party. <\/p>\n
Categories: Senior Housing, Acquisitions\/Dispositions, REIT, Midwest <\/p>\n<\/p>\n
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Health Care REIT Sells Sunrise Senior Management for $130M<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Last Updated: September 14, 2012 09:52am ET About this Ad Sign Up Today Health Care REIT's headquarters TOLEDO-In conjunction with its recent announcement of a definitive agreement to acquire Sunrise Senior Living Inc., Health Care REIT Inc. took the next step toward ownership of the McLean, VA-based company; spinning off Sunrise Senior Living Management Co. Continue reading