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Ventas wraps $186M deal for senior housing assets

Mon, 12/06/2010 - 8:45am
The Associated Press

Real estate investment trust Ventas Inc. said Monday it has completed a $186 million buyout of 58 senior housing communities from affiliates of Sunrise Senior Living Inc.

Ventas initially had between 15 percent and 25 percent ownership in the communities. The deal gives Ventas full ownership in the 58 communities. In all, it owns 79 communities managed by Sunrise Senior Living, which is based in McLean, Va.

Under the terms of the deal, Chicago's Ventas assumed Sunrise's share of $144 million in mortgage debt.

Occupancy at the 58 communities exceeds 89 percent, Ventas said.

Shares in Ventas fell 37 cents to $50.14 while Sunrise Senior Living's shares rose 3 cents to $4.19 in afternoon trading.

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