Ventas to buy real estate interests in 58 Sunrise Senior Living communities
Real estate investment trust (REIT) Ventas Inc. on Monday said it is acquiring the real estate interests in 58 private senior living communities from Sunrise Senior Living Inc.
The deal, which is valued at roughly $186 million, also includes an agreement to modify the management agreements on all 79 senior living communities managed by Sunrise, according to a release from Ventas. Upon closing, Ventas will own 100% of all of its 79 facilities managed by Sunrise. The transaction is expected to be completed during the fourth quarter of this year.
“[S]elling our joint venture interest to Ventas brings Sunrise additional funds to improve our balance sheet and provides a foundation for careful growth,” said Sunrise CEO Mark Ordan. “We have seen clear improvements in performance and we are excited to do all we can to continue this trend.”
Noted Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro: “We are pleased to work collaboratively with Sunrise on a multi-faceted transaction that benefits both companies.”