Real estate investment trust Ventas, Inc.,completed the purchase of 58 private-pay senior living communities from affiliates of Sunrise Senior Living, Inc., for $186 million. The deal includes the assumption of Sunrise’s share of mortgage debt totaling $144 million.  Ventas now owns 100% of all 79 of its senior living communities managed by Sunrise.

 

Prior to the acquisition, Ventas had ownership interests ranging between 15% and 25% in these 58 communities, which have a current occupancy exceeding 89%.

 

Ventas and Sunrise have also completed modifications to the management agreements between the companies for all 79 Sunrise-managed senior living communities now wholly owned by Ventas. The management fee for April 1 through December 31, 2010, is 3.5% of revenues, and the management fee for 2011 is 3.75% of revenues.

 

Read more:

 

Ventas to Purchase Remaining Sunrise Interests for $41 Million

 

Ventas to Acquire Atria Senior Living for $3.1 Billion

 

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