Ventas acquired Sunrise Senior Living Real Estate Investment Trust (Sunrise REIT) for approximately Cdn $2.26 billion total (approximately USD $1.96 billion); Cdn $1.2 billion cash plus assumed debt, a transaction completed in April 2007, structured as cash plus assumption of debt.
Sunrise Senior Living Real Estate Investment Trust (Sunrise REIT) operates in Private-pay senior housing (Canada and U.S.), is based in United States and Canada (77 communities). Ventas acquired the assets of Sunrise Senior Living REIT (TSX: SZR.UN), a portfolio of 77 high-quality private-pay senior housing communities, for Cdn $1.2 billion in cash plus assumption of all outstanding debt, valuing the transaction at approximately Cdn $2.26 billion. All outstanding units were redeemed at Cdn $16.50 per unit. The deal included exclusive development arrangements with Sunrise Senior Living, Inc.
Ventas called the acquisition of Sunrise REIT's 77 high-quality private-pay senior housing communities a major milestone, with exclusive development arrangements expected to lead to significant accretive acquisitions in the United States and Canada.
Added 77 high-quality private-pay communities and a development relationship across the U.S. and Canada. Exclusive development arrangements with Sunrise Senior Living expected to drive accretive future acquisitions. Integrated into the Ventas private-pay senior housing portfolio
The acquisition of Sunrise REIT, with its 77 high quality private pay senior housing communities, is a major milestone for Ventas and we are pleased to have successfully completed the transaction. We also look forward to a strong and productive relationship with Sunrise Senior Living, Inc., including our exclusive development arrangements that should lead to significant accretive acquisitions in the United States and Canada.Debra A. Cafaro, Chairman, President and CEO, Ventas
Advisory firms were not disclosed for this transaction.