The sector heat up further.... Srz buys up joint venture
Sunrise Begins Buying Out JV Interests in Senior Living Portfolios with HCN Financing
Alyssa Gerace | August 27, 2012 | Comments (0)
And so it begins: Backed with financing from Health Care REIT (NYSE:HCN), Sunrise Senior Living (NYSE:SRZ) is starting to buy out its joint venture partners’ interests in some senior living portfolios, according to an 8-K that was filed today.
Two of the national chain’s entities have entered into purchase and sale agreements, one with HVP Sun Investor LLC (HVP), an affiliate of an institutional investor, and the other with a Morgan Stanley Real Estate Fund venture, to acquire both parties’ interests in two senior living portfolios that are already partially owned by Sunrise.
One portfolio consists of 12 senior living communities that are indirectly owned by a joint venture between Metropolitan Senior Housing LC, Sunrise Lafayette Hills Assisted Living, L.P. and Sunrise Paoli Assisted Living, L.P. The joint venture 75% owned by HVP and 25% owned by Sunrise and Sunrise Senior Living Investments, Inc. (SSLII), a wholly-owned Sunrise subsidiary.