Ventas buys Sunrise Senior Living REIT for $1.8 billion
Ventas Inc. said Monday it reached an agreement to acquire Sunrise Senior Living REIT in a deal valued at $1.8 billion.Ventas, a real estate investment trust based in Louisville, plans to purchase interest in 74 assisted living communities in the United States and Canada. Also as part of the agreement, it has the exclusive right of first offer to acquire other newly developed assets in Canada and portions of the U.S. for $15 per unit. It expects to acquire for a fixed price five communities in the U.S. and Canada currently under development. Ventas is the main landlord of Kindred Healthcare Inc., the third largest nursing home chain in the country.
Existing long-term management contracts of the Sunrise properties will remain in place. Sunrise Senior Living Inc., which manages the properties, will be a minority joint venture partner in 56 of the communities.