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Sunrise Completes $170M Sale/Manage-Back Deal

MCCLEAN, VA-Sunrise Assisted Living Inc. speeds up closing of the $170-million sale/long-term manage-back deal with a Macquarie Capital Partners LLC-led group of investors. The expedited closing makes funds more readily available, thereby allowing Sunrise to move forward with investment opportunities.

By Barbra Murray | Updated on December 27, 2002

MCCLEAN, VA-Sunrise Assisted Living Inc. wraps up the $170-million sale/long-term manage-back transaction with an investment group led by real estate investment concern Macquarie Capital Partners LLC. The deal leaves the investor with 80% ownership of 11 Sunrise senior living properties. Sunrise will retain a 20% stake in the properties, which are located in various states throughout the US, and will remain on board as operator.

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.

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