TOLEDO, Ohio (AP) -- Health Care REIT Inc. said Wednesday that it completed its acquisition of the Sunrise Senior Living Inc. property portfolio, the sale of Sunrise's management company and the acceleration of all planned joint venture partner buy-outs.
The Toledo, Ohio-based real estate investment trust that invests in senior housing and health care real estate said it has so far spent $3.4 billion on the acquisition. That amount expected to rise to $4.3 billion by July when the company exercises its rights to acquire additional joint venture partner interests at fixed purchase prices.
The investment is expected to include a total of 120 wholly owned properties and five joint venture properties concentrated in affluent areas of London, Southern California, Chicago, Philadelphia, Boston, Washington, D.C., and Montreal.
Immediately before the acquisition of the Sunrise properties, an entity led by the investment firms Kohlberg Kravis Roberts & Co. LP and Beecken Petty O'Keefe & Co. acquired the Sunrise management company for about $130 million. The deal included a Health Care REIT investment of about $26 million for a 20 percent ownership interest, the company said.
Health Care REIT shares fell 7 cents to $61.61 in morning trading. They have traded in a 52-week range of $52.40 in April to $62.80 in August.