Ventas files court action to recover damages from Sunrise REIT
Ventas Inc. has already asserted and won its legal claim on Sunrise Real Estate Investment Trust over a rival suitor. Now Ventas wants Sunrise REIT to pay for trying to stray from its commitment.Louisville-based Ventas has begun proceedings in the Ontario Superior Court of Justice to recover damages from Sunrise REIT resulting from Sunrise REIT's breaches of its standstill enforcement obligations with Ventas.
In February, Health Care Property Investors Inc. issued a bid to buy Sunrise REIT - a month after Sunrise REIT had agreed to a Ventas offer. Ventas filed legal complaints in Ontario courts and won.
In its announcement Thursday, Ventas clarified that it is not seeking to terminate its purchase agreement and said it looks forward to closing the deal with Sunrise REIT. In a statement, Sunrise REIT called Ventas' legal action "without merit." The shareholders of Sunrise REIT are scheduled to vote on the Ventas deal next week.