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Ventas paying $41 million for Sunrise properties

Mon, 10/04/2010 - 7:45am
The Associated Press

Ventas Inc. said Monday it will buy real estate interests in 58 private-pay senior living communities from affiliates of Sunrise Senior Living Inc. for about $41 million.

The buyout also includes $145 million in mortgage debt, Ventas said. Ventas and Sunrise also agreed to modify the management agreements on all 79 senior living communities managed by Sunrise, giving Ventas ownership of those communities. Sunrise will continue to manage the communities.

The deal is expected to close during the fourth quarter.

Shares of Ventas fell a penny to $51.65 while shares of Sunrise rose 9 cents, or 2.6 percent, to $3.61 in morning trading.

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