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Health Care REIT Closes $3.4B Purchase of Sunrise

TOLEDO, OH—Health Care REIT Inc., based here, said Wednesday that it has closed its $3.4 billion acquisition of Sunrise Senior Living Inc., but will be acquiring additional joint venture partner interests in Sunrise properties, for a total of $900 million, by July.

The $4.3 billion investment is expected to include 120 wholly owned properties and five joint venture properties. The average age of these properties is only eight years. According to Health Care REIT officials, these properties generate average monthly rental rates that are nearly 100 percent higher than the national average because they are located in markets with high concentrations of age and income-qualified elderly, affluence, and significant barriers to entry. These sites are in London, southern California, Chicago, Philadelphia, Boston, Washington D.C., and Montreal.