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Emeritus says purchase of Sunwest homes complete

Fri, 08/06/2010 - 3:45pm
The Associated Press

Emeritus Corp. on Friday announced the near completion of a $1.2 billion acquisition of 144 assisted living homes from Sunwest Management Inc.

The purchase was made through a joint venture that includes Emeritus, Blackstone Real Estate Advisors, an affiliate of The Blackstone Group and Columbia Pacific Advisors.

Emeritus said it funded about $19 million of the deal, representing an interest of 5.8 percent in the joint venture.

The homes are expected to generate revenues of $346.8 million a year. Emeritus, based in Seattle, will get a management fee for running the homes.

The sale of 132 homes closed Thursday; the sales of the remaining 12 homes has yet to be finalized. The homes have about 9,200 residents and 5,900 workers.

The sale of the homes came after Sunwest filed for Chapter 11 bankruptcy last year.

Shares of Emeritus were flat in after-hours trading, after slipping 48 cents to close at $17.63.

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