Health Care REIT to acquire rival Sunrise Senior Living for $845 million
23 Aug 2012
Health Care REIT Inc, a US-based senior housing and health-care properties owner, yesterday said that it will acquire Sunrise Senior Living Inc for about $845 million in cash.
The acquisition would enable Health Care REIT to become the world's largest owner of seniors' housing.
McLean, Virginia-based Sunrise operates 307 senior housing communities in the US, Canada and the UK with a unit capacity of approximately 29,800 units.
Sunrise offers a full range of personalised senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services.
As part of the transaction, Toledo, Ohio-based Health Care REIT will acquire Sunrise's 20 wholly-owned seniors housing communities and its interest in joint ventures that own 105 seniors housing communities.
Of the 20 wholly-owned seniors housing communities, 17 are located in the US and 3 in Canada, while 78 of the 105 joint venture communities are located in the US and 27 in the UK.
The portfolio of the seniors housing communities is concentrated in prime cities like New York, Los Angeles, San Francisco, Washington, D.C., Philadelphia, Boston, Chicago, and London.