Arcapita Inc., an international real estate investment firm based in Bahrain, sold its stake in 29 facilities managed by Sunrise Senior Living Inc. to Ohio-based Health Care REIT inc., a real estate investment trust with 635 properties nationwide.
The transaction, valued at $643.5 million, includes facilities in 12 states, with the bulk of them located in New York, Illinois and California. Sunrise will continue to manage all 29 properties and will retain a 10% interest in the facilities, according to a statement from REIT. The deal is subject to a 45-day review, and all parties involved expect to finalize the arrangements in the fourth quarter of 2008.
In a joint statement, Sunrise CEO Paul Klaasen and REIT CEO George Chapman applauded the new partnership. Chapman said the purchase will suitably compliment his company’s already immense portfolio. The 29 facilities contain 2,082 units and have an average occupancy of 94%.
