Health Care Property Investors offers competing bid for Sunrise REIT

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A bidding war appears to be underway for Sunrise Senior Living Real Estate Investment Trust.

Health Care Property Investors Inc. on Wednesday disclosed it had submitted a proposal to by the Sunrise REIT for $18 (Canadian) a share. The offer would eclipse the $15 (Canadian) a share that Sunrise had accepted from Ventas Inc. last month. HCP said its offer puts the equity of the Sunrise REIT at approximately $1.4 billion (Canadian).

Ventas, a real estate investment trust based in Louisville, issued a statement early Thursday saying it still expected to complete its deal with Sunrise. Ventas said it "has a signed purchase agreement" and has entered into arrangements with Sunrise "that enable us to complete the acquisition of the REIT."

A representative for Sunrise said Thursday it could not consider HCP's proposal until more information was received and that its deal with Ventas remained in effect, according to a published report.