Health Care Property Investors, Long Beach, Calif., has made a competing offer to acquire Sunrise Senior Living Real Estate Investment Trust, Toronto, for about $15 per unit, which values the equity at about $1.2 billion.
Last month, Sunrise agreed to be acquired by Louisville, Ky.-based Ventas for nearly $13 per unit. Sunrise said the deal with Ventas remains in effect.
In a news release, the company also said it is not in a position to consider HCPs offer until it receives confirmation from HCP that their proposal is not conditional on it reaching an agreement with Sunrise Senior Living, the manager of Sunrise REIT properties.
For its part, Ventas would not comment beyond its written statement. Ventas transaction with Sunrise REIT is fully financed, and Ventas has entered into arrangements with Sunrise Senior Living that enable us to complete the acquisition of the REIT, the company said.
As of Dec. 31, 2006, the portfolio of Health Care Property Investors included 337 senior housing facilities, 260 medical officer buildings, 35 hospitals, 69 skilled-nursing facilities and 30 other healthcare facilities. Ventas owns 174 senior-housing facilities, 43 hospitals, 218 skilled-nursing facilities and 19 other healthcare facilities. -- by Jessica Zigmond