Health Care REIT, Toledo, Ohio, announced that the value of real estate in its pending acquisition of Sunrise Senior Living
has increased to roughly $3.2 billion from the previous estimate of $1.9 billion
The value of the real estate rose because Health Care REIT and Sunrise accelerated the buyout of joint-venture properties that are part of the deal, according to a news release. Health Care REIT has acquired or reached agreement to acquire majority interests in 38 of the 105 joint venture properties in the deal, adding an estimated $1.3 billion to the acquisition value.
Separately, Health Care REIT announced that it plans to offer 22 million shares of its common stock
with underwriters having an option to buy an addition 3.3 million. The real estate investment trust’s shares traded at about $55 a share this morning
, valuing the offering at about $1.2 billion. The proceeds will be used to “to repay advances under its unsecured lines of credit, to repay other outstanding indebtedness and for general corporate purposes, including investing in healthcare and seniors’ housing properties,” according to a news release.