Sunrise says 'Auf Wiedersehen' to German assisted living facilities

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Sunrise Senior Living Inc on Thursday announced the sale of eight of its nine assisted living facilities in Germany for an estimated $74.5 million.

The sale comes as part of a restructuring agreement with Sunrise╒s German lenders. Proceeds from the sale, which is expected to close on or around Aug. 31, will go directly to those lenders, according to a company press release. Once the sale closes, management of these eight communities will transfer to Kursana Seniorenvilla GmbH, a Germany-based senior living provider, according to a company statement.

Sunrise is still looking for a buyer for its ninth German facility. The company operates 365 communities in the United States, Canada, Germany and the United Kingdom.

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