Sunrise REIT sold for $1.97 billion

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The board of Sunrise Real Estate Investment Trust Thursday approved the sale of the company to Ventas Inc. The $1.97 billion purchase follows weeks of court filings and negotiations.

"We are extremely pleased with the outcome of today's vote," said Debra Cafaro, chairman and CEO of Ventas. "We are excited about adding the Sunrise REIT portfolio to our company."

Once the deal is completed, Louisville, KY-based Ventas will own more than 525 properties in 43 states and two Canadian provinces.

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