Ventas Acquires Interest in 58 Senior Sites

CHICAGO-Locally-based Ventas Inc. will acquire the minor interest in 58 senior living communities from its partner Sunrise Senior Living Inc. Ventas, which was already the majority owner of the properties, will provide $186 million, including $145 million in mortgage debt, for the purchase.

McLean, VA-based Sunrise’s minority interests to be acquired by Ventas represent between 15% and 25% ownership interest in the communities. Sunrise will continue to manage the properties, as well as another 21 properties owned by Ventas. The two companies reached an agreement, with Ventas not exercising performance-based termination rights, and Sunrise reducing its management fee to 3.5% for 2010 and 3.75% for 2011.