The Blade/Amy E. Voigt
Toledo’s Health Care REIT Inc. said Monday that it has finally closed the books on its $4.3 billion deal to acquire the properties of Sunrise Senior Living, Inc., a senior living firm with 125 high-quality properties in key large metro areas of the United States, Canada, and the United Kingdom.
In January, the locally based real estate investment trust completed a $3.4 billion deal to acquire nearly all of the property assets of Sunrise and completed a related deal to sell Sunrise’s management company business for $130 million to an investment group led by equity firm Kohlberg Kravis Roberts & Co.
Multiple joint ventures still controlled 53 of Sunrise’s properties. Health Care REIT has been working since January to buy out parties in those joint ventures to take complete control of Sunrise. As of Monday, the real estate investment trust controls 120 Sunrise properties with another five controlled by joint ventures with third parties. The five will remain under the control of the joint ventures.