Health Care REIT, Inc. has announced that it has completed its acquisition of the Sunrise Senior Living, Inc. property portfolio, the sale of the Sunrise management company, and the acceleration of all planned joint venture partner buy-outs.
A team of Shumaker, Loop & Kendrick LLP attorneys assisted the company with many aspects of the transaction, including due diligence, real estate and securities law matters.
In its press release, Health Care REIT said its investment in Sunrise properties is $3.4 billion, and is expected to increase to $4.3 billion by July 2013 upon exercise of the company’s rights to acquire additional joint venture partner interests at fixed purchase prices. The company noted in its release that when the $4.3 billion investment is completed, it will include 120 wholly owned properties and five joint venture properties concentrated in London, Southern California, Chicago, Philadelphia, Boston, Washington D.C., and Montreal.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2012, the company’s broadly diversified portfolio consisted of 1,030 properties in 46 states, the United Kingdom, and Canada.
