Sunrise says 'Auf Wiedersehen' to German assisted living facilities
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.