Toledo’s Health Care REIT Inc. said Tuesday that it has reached a deal to recapitalize the Sunrise Senior Living management company.
When the transaction is completed the local real estate investment trust will own a 24 percent stake in the management company. Health Care REIT now has a 20 percent interest in Sunrise Senior Living.
Revera Inc., one of Canada’s leading providers of seniors’ accommodation care and services, will own the rest. Both Health Care REIT and Revera are acquiring their stakes in Sunrise management from affiliates of Kohlberg Kravis Roberts & Co., Beecken Petty O’Keefe & Co., and Coastwood Senior Housing Partners LLC.
Last year, Health Care REIT paid $4.3 billion to acquire Sunrise Senior Living Inc., a group of senior citizen living communities managed by Sunrise Senior Living management firm.