Health Care REIT to sell unit of Sun­rise firm

9/15/2012
BLADE STAFF AND NEWS SERVICES
The-renovated-facade-of-Health-Care-REIT

Health Care REIT said Fri­day that it has a deal to sell the man­age­ment com­pany busi­ness of Sun­rise Se­nior Liv­ing Inc. to an in­vest­ment group led by Kohl­berg Kravis Rob­erts & Co. for about $130 mil­lion.

The Toledo-based real es­tate in­vest­ment trust said that af­ter the sale it will pay $26 mil­lion for a 20 per­cent stake in the new en­tity. The sale of the man­age­ment com­pany busi­ness will close prior to Health Care REIT’s clo­sure of its $845 mil­lion cash deal to ac­quire Sun­rise Se­nior Liv­ing.

The Sun­rise ac­qui­si­tion, an­nounced in Au­gust, is ex­pected to close in early 2013.

Health Care REIT added that it ex­pects to use the $130 mil­lion from the sale of the man­age­ment com­pany busi­ness to par­tially fund its $845 mil­lion ac­qui­si­tion of Sun­rise.