Health Care REIT, Inc. Completes Acquisition of Sunrise Senior Living and Sale of Management Company
|Areas||Health Care Law, REITs and Income Securities, Tax|
Goodmans acted as Canadian counsel to Health Care REIT, Inc. (NYSE:HCN) in connection with the completion of its US$4.3 billion acquisition of the Sunrise Senior Living, Inc. property portfolio and the sale of the Sunrise management company. The $4.3 billion investment includes 120 wholly owned properties and five joint venture properties. The properties are concentrated in London, Southern California, Chicago, Philadelphia, Boston, Washington D.C., and Montreal. Prior to the acquisition of the Sunrise property portfolio, an entity led by affiliates of Kohlberg Kravis Roberts & Co. L.P. and affiliates of Beecken Petty O’Keefe & Company acquired the Sunrise management company for approximately $130 million, with Health Care REIT investing approximately $26 million for a 20% ownership interest.