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.