Monday, April 16, 2012 8:49:09 PM
Sunrise Continues to Manage Communities for Remaining 18 - 27 Year Terms
MCLEAN, Va., April 16, 2012 /PRNewswire/ -- Sunrise Senior Living, Inc. (NYSE: SRZ - News) announced today that on April 16, 2012, the subsidiaries of joint ventures between the Company and an institutional investor have entered into a binding purchase and sale agreement to sell 16 communities to Ventas, Inc., for a purchase price of $362 million. Sunrise will receive approximately $28 million for its 20-percent ownership interest in this portfolio. As part of this transaction, Sunrise will remain the manager of these 16 communities under the preexisting terms relating to management fees and contract length, which now range from 18 to 27 years.
Sunrise CEO Mark Ordan commented: "This is another positive event for Sunrise as it demonstrates the value of our purpose-built assets, provides us with additional capital, and reaffirms our positive and growing relationship with Ventas."
The transaction is expected to close in the second quarter of 2012. However, there can be no assurance that the transaction will close or as to the timing of any closing.
"Give 'em the old Razzle Dazzle.....razzle dazzle 'em"
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