News of the closing comes as somewhat of a surprise, as the deal was originally expected to reach completion in the first quarter of the new year. However both parties decided to facilitate an earlier closing in order to make the funds available for Sunrise to move forward more quickly with potential investments. News of one such investment venture came with the announcement of the closing. Sunrise has made arrangements to team up with the California Public Employees' Retirement System to develop 12 new assisted living communities, 10 of which are already in progress.

"The acceleration of these sales and our new development agreement with CalPers are evidence of our move to a management services strategy," Sunrise chairman and CEO Paul Klaassen explains. "Our strong cash position, declining leverage and increasing earnings from our management services team put us in a great position to execute our 2003 plan." Finally, Sunrise revealed yet another such investment deal, announcing a $50-million joint venture with CalPers and AEW Capital Management. The three companies plan to develop 12 facilities in major metropolitan areas by 2005. Ten of these are also currently in progress.