Sunrise Partners with PRICOA on New Properties in Germany and UK

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.”