Search
 

Sunrise Partners with PRICOA on New Properties in Germany and UK

MCLEAN, VA-Sunrise Assisted Living reveals it will form a joint venture with New Jersey's PRICOA Property Private Equity for the purpose of acquiring and developing up to 50 properties in Great Britain and Germany over the next several years. Together, the two companies will have an estimated $120 million to fund their international expansion.

By Barbra Murray | Updated on May 02, 2002

MCLEAN, VA-Sunrise Assisted Living, Inc. has announced a plan to form a joint venture with Parsippany, NJ’s PRICOA Property Private Equity to acquire and develop assisted living properties in Germany and the United Kingdom. Ownership of the JV–which plans to invest as must as $120 million–will be divided, with Sunrise taking 20% and serving as property manager, and a PPPE affiliate owning the remaining 80%. The agreement is currently in principle and will remain so until approval of final documentation.

Funds for purchases and construction will come from Sunrise and PRICOA, the real estate private equity division of Prudential Real Estate Investors, according to their share of the stake, as well as from third-party lenders. The plan involves the development of as many as 50 properties over the next five to seven years. “Regarding our developments in the UK and Germany, we aren’t disclosing our locations,” Sunrise senior vice president of corporate strategy and capital markets Charles A. Post tells GlobeSt.com. “What I can say is, similar to the US, our focus will be on top major metro areas.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.