Sunrise Senior Living Signs $41.5 Million Deal

MCLEAN, Va. — Sunrise Senior Living entered into a $41.5 million purchase and sale agreement with frequent senior housing partner Ventas Inc. to sell to its property ownership and joint venture stakes to Ventas.

 

The move adds 58 properties that were previously owned by Sunrise into Ventas’ portfolio. Sunrise will continue in a managing role at the 58 senior living facilities, as well as 21 senior living communities owned by Ventas, and per conditions of the purchase agreement.

 

Mark Ordan, chief executive officer at Sunrise, says that selling the joint venture interests to Ventas brings Sunrise additional funds to improve the company’s balance sheet, and provide a foundation for continual growth. The company plans on paying down debt, according to reports.

 

The majority of the senior housing properties are in the United States while two are in Canada.