CHICAGO-Ventas Inc., based here, has again agreed to take over a number of seniors housing properties from McLean, VA-based Sunrise Senior Living Inc. The price for the 16 properties is $362 million, boosting Ventas even further as one of the nation’s largest owners of medical and elderly commercial real estate.
Sunrise, backed by an unnamed institutional joint partner, developed the properties. The 1,274 units have a 4-year-old median age. A Ventas spokeswoman tells GlobeSt.com that she would not release the names of the properties, but that “they are in 12 states from coast to coast.”
In a Sunrise statement, the company will receive about $28 million for its 20% ownership in the portfolio, though Sunrise will also remain as manager as part of the binding transaction. The deal is expected to close in the second quarter.
Ventas will fund the purchase through borrowings under its revolving credit facility. Just two weeks ago the REIT announced it had finalized the takeover of Cogdell Spencer Inc., making the trust the largest owner of medical office buildings in the United States. “We continue our enterprise growth while also expanding our private-pay revenue source,” said Debra Cafaro, chairman and CEO of the REIT.
The local trust has also had dealings with Sunrise before. In October 2010, Ventas acquired the 100% interest in 58 other senior living communities that the firms had owned together.
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